Dilma says that BRICS GDP has already surpassed that of the G7

The president of the NBD (New Development Bank), the former president of the Republic Dilma Rousseffstated this Tuesday (13.Feb.2024) that Brics – a group formed by BBrazil, Russia, ÍIndia, Whina, Africa sul, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia and Iran – already represents 31.5% of global GDP (Gross Domestic Product), surpassing the 30.8% of the G7 (Germany, Canada, United States, France, Italy, Japan and the United Kingdom, in addition to the European Union).

The statement by the president of the Brics Bank was made during participation in the World Government Summit, in Dubai, in the United Arab Emirates. Dilma, who assumed the presidency of the institution in March 2023, said that the power of the countries that make up the Brics “It has grown rapidly.”

According to her, the IMF (International Monetary Fund) stated that by 2028 the bloc's countries will represent 35 to 40% of global GDP, while the G7's share will fall to 27.8%.

“Even with difficulties related to the unfair international financial order and the large debt of developing countries, the International Monetary Fund figures are a good illustration of this new trend”, declared.

Watch (1min8s):

In 2022, BRICS GDP reached US$25.9 trillion. The sum of everything that was produced, by the then 5 countries (Brazil, Russia, India, China and South Africa), that year represented 25.5% of global economic activity.

In 2010, when South Africa joined the group, the BRICS GDP reached US$ 11.9 trillion – at that time, it was equivalent to 17.9% of the world economy. Since then, the block has grown its participation.

The increase was also driven by the 2 Asian giants that are part of the group. Together, China and India account for 21% of global GDP. From 2010 to 2022, Chinese GDP almost tripled in current values, jumping from US$6.1 trillion to US$18 trillion. India, in turn, doubled its economic activity: it went from US$ 1.7 trillion to US$ 3.4 trillion.