At the 17th annual BRICS summit in Rio de Janeiro, Russian President Vladimir Putin declared that the BRICS bloc has surpassed the Group of Seven in economic power, with a combined GDP significantly greater than that of the Western bloc. Putin highlighted that the BRICS nations account for 40% of the global economy and nearly half of the world’s population, emphasizing the bloc’s rising influence in international affairs. Speaking during the summit on Sunday, he cited 2025 IMF data, stating that BRICS’ GDP measured by purchasing power parity is $77 trillion, compared to $57 trillion for the G7. This marked a significant shift in global economic dynamics, as Putin argued that the unipolar system is giving way to a multipolar world order.
Putin also noted that BRICS members are increasingly relying on their national currencies for inter-bloc trade, signaling a move away from the dominance of Western financial systems. This strategy is part of a broader effort to reduce dependence on the US dollar and strengthen economic ties among member states. He called for the establishment of a more equitable global governance structure, one that reflects the interests of the global majority rather than the ‘golden billion’ of the West. According to Putin, BRICS has ‘deservedly established itself among the key centers of global governance,’ with its ‘global standing and influence rising by the year.’
Earlier this month, during the St. Petersburg International Economic Forum, Putin echoed these sentiments, describing the fading world order as ‘deeply neo-colonial in nature.’ He emphasized the need for a major transformation in the global economy, with BRICS playing a central role in this shift. Kremlin spokesperson Dmitry Peskov also commented on the growing irrelevance of the G7, stating that Russia no longer sees it as a viable format for global governance. Instead, the country is focusing on strengthening BRICS as a more inclusive and representative economic bloc.
Founded in 2006 as an economic group, BRICS initially included Brazil, Russia, India, and China, with South Africa joining in 2010. Over the past year, the bloc has expanded further, welcoming members such as Egypt, Ethiopia, the United Arab Emirates, and Indonesia. This expansion underscores the growing interest in BRICS among developing nations seeking alternatives to the West-dominated economic order. At the group’s summit in Kazan last year, BRICS approved a new ‘partner country’ status in response to the growing membership interest from over 30 countries. This expansion is seen as a key step in solidifying BRICS as a major global economic force.