BRICS' Share in World Economy Has Grown by Almost 10% Since Its Foundation: Analysis
14:16 21.10.2024 (Updated: 15:03 21.10.2024)
© Sputnik . Maxim Platonov
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BRICS is an intergovernmental association created in 2006. Russia assumed the rotational BRICS chairmanship on January 1, 2024. The year began with the accession of new members to the association – in addition to Russia, Brazil, India, China and South Africa, it now includes Egypt, Ethiopia, Iran, the UAE.
The share of BRICS members in the world economy accounted for 27.15% in 2006, when the organization was created, Sputnik estimated on the basis of World Bank data. In 2023, the figure reached 36.8%. According to the World Bank, the share of G7 members went down from 36.7% in 2006 to 29% in 2023.
Earlier, Dr. Is'haq Modibbo Kawu, former Director General of Nigeria's National Broadcasting Commission, told Sputnik Africa that the world is shifting from a unipolar to a multipolar international order, with BRICS playing a pivotal role in reshaping global dynamics.
He underscored how the BRICS nations, led by Russia, China, India, Brazil, and South Africa, are creating a new international economic framework that fosters growth for developing nations, especially in Africa.
On October 22-24, the BRICS Summit in Russia's Kazan will take place. It will be the largest foreign policy event in Russia this year, with a total of 32 countries having already confirmed their participation, according to Russian Presidential Aide Yuri Ushakov.
