BRICS Summit 2024: Currently, the 16th BRICS Summit 2024 is being organized in Kazan city of Russia. On this occasion, the top leaders of the 5 countries included in the group are present under one roof. These include India, Russia, China, Brazil and South Africa. However, apart from this, there are many other countries which have been invited. The conference is being presided over by Russian President Vladimir Putin. If we talk about the history of this group, it was established in the year 2006 to challenge the sovereignty of the growing American and European countries in the world, in which the economic aspect is most important.
However, today’s situation looks quite different after 18 years of its establishment, because of the dream with which this group was established. That seems to be proving true.
During the BRICS summit, Russian President Vladimir Putin highlighted the growing economic influence of the BRICS countries, saying that their combined GDP now exceeds $60 trillion, surpassing that of the G7 countries. Talking about G-7 countries, it includes Canada, France, Germany, Italy, Japan, United Kingdom, United States of America.
Speaking at the BRICS Business Forum in Moscow last Friday, October 18, Putin stressed the growing importance of the BRICS bloc, comprising Brazil, Russia, India, China and South Africa, in shaping the global economy.
BRICS group has reserves of money
The five countries included in the BRICS group are also part of the G20, which was organized in India last year. However, if we talk only about BRICS group, then this group has 33 percent of the world’s GDP, which is 65 trillion US dollars. There is 5.2 trillion dollars of money in foreign reserves. According to Putin, there has been a dramatic change in economic terms since 1992, when the G7 countries accounted for 45.5 percent of global GDP, while the BRICS countries accounted for only 16.7 percent. However, in 2023, this figure is 37.4 percent of the global GDP of the BRICS block compared to 29.3 percent of the G7.
Also read: BRICS Summit 2024: How many nuclear weapons do BRICS countries have, know in one click
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