Russian President Vladimir Putin has declared that the BRICS alliance has overtaken the G7 in global economic weight, citing International Monetary Fund data that shows the bloc’s combined GDP, measured by purchasing power parity, now stands at $77 trillion — a full $20 trillion more than the advanced economies of the G7.
Addressing the plenary session of the 17th BRICS Summit in Rio de Janeiro on Sunday, Putin lauded the bloc’s growing clout, both economically and diplomatically, asserting that the group has “deservedly established itself among the key centres of global governance”.
“BRICS member states not only account for a third of the Earth’s land and almost half the planet’s population but also 40 per cent of the global economy,” Putin told delegates. “On this metric, BRICS considerably outstrips some other groups, including the Group of Seven.”
He said recent IMF data from 2025 confirms the shift in balance: “Combined GDP figures for the G7 are $57 trillion,” he said, adding that BRICS “already stands at $77 trillion”.
The Russian leader also signalled a shift away from the dollar-dominated global economy, stating that BRICS countries are “now slowly ditching the dollar as currency” and working towards full reliance on national currencies for mutual trade and settlements.
“The unipolar system of international relations, which has been serving the interests of the so-called ‘golden billion,’ is fast unravelling, giving way to a multipolar global economic system,” he said.
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Putin emphasised that the bloc stands for the “fundamental interests of the global majority”, adding that its expanding membership and global relevance reflect this new world order.
Founded in 2006 as a forum for emerging economies, BRICS originally comprised Brazil, Russia, India and China. South Africa joined in 2010. Over the past year, Egypt, Ethiopia, the United Arab Emirates and Indonesia have become full members, expanding the group’s influence across Africa, the Middle East, and Southeast Asia.
Putin’s remarks come as Russia continues its protracted war with Ukraine, which began in 2022. Notably, none of the BRICS members have publicly condemned Moscow’s actions — a sharp contrast to the United States and its European allies, who have repeatedly pressed for a unified stance.
The Russian president congratulated alliance members and stressed the values of mutual respect and cultural plurality that underpin BRICS’s appeal to the developing world. “Mutual respect binds the people of different cultures and religions together, making it an attractive prospect for developing nations,” he said.
His comments echoed the wider theme of the summit — a call for a rebalancing of global power away from Western-centric governance structures toward institutions more representative of the Global South.
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