Dilma highlights the growth of Brics and says that the bloc’s GDP has already surpassed G7

When speaking at the World Government Summit in Dubai, the president of the BRICS Bank, Dilma Rousseff, said that the power of the countries that make up the bloc “has grown rapidly” and stated that the bloc’s share in world GDP has already surpassed the share of the G7 countries.

“The power of the BRICS countries has grown rapidly, which is a good basis for understanding the strength that supports multilateralism. Measuring by purchasing power parity, the Brics countries already represent 31.5% of global GDP, surpassing the G7 countries, which have 30.8%”, said Dilma this Tuesday (13).

The bloc is made up of Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia and Iran.

Based on data from the International Monetary Fund (IMF), Dilma also stated that “the Brics countries will represent between 35% and 40% of global GDP in 2028, while the G7’s share will fall to 27.8%”.

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

At the same event, IMF director Kristalina Georgieva said she feared the effects of a prolonged war between Israel and Hamas terrorists, however, she was confident in a “soft landing” for the world economy.

“I hope to see interest rates heading in the direction that inflation has followed over the last year by mid-year. […] What I fear most is a prolongation of the conflict because the risk of it spreading increases,” said Georgieva.