In his speech today in Moscow before the BRICS Business Forum, Russian President Vladimir Putin laid out an exciting vision of what the BRICS nations, including those that just joined on Jan. 1 of this year, have achieved in economic growth, technological development, digital and communication capabilities, and expanding transportation and connectivity corridors. As examples, he pointed to such flagship transport/logistics projects as the Northern Sea Route and the North-South Corridor. The goal, he said, has been to accelerate socioeconomic growth and sustainable development to ensure “tangible results” which “contribute to improving the wellbeing and quality of life of our countries’ citizens.”
Putin offered a few statistics to make his point: “The association’s total GDP exceeds $60 trillion, and its overall share in global GDP easily surpasses that of the so-called G7.… In 2023, our group of countries accounted for 37.4% while the G7 for 29.3%. The gap is increasing and will continue to grow; this is inevitable. This trend is absolutely logical. In the past decade, BRICS states have accounted for over 40% of the global GDP increment.
“By the end of 2024, BRICS countries are forecasted to post 4% growth, on the average. This exceeds G7 growth rates, which is only 1.7%, and the global average, projected at 3.2%,” said the President.
