The BRICS nations are rapidly emerging as dominant players in the global economy, with their collective GDP expected to surpass half of the world’s economic output within the next 10 to 15 years. This projection was highlighted by Russian Deputy Prime Minister Alexander Novak, who, in an interview with Rossiya-24 on Wednesday, underscored the growing influence of the BRICS bloc.

“BRICS is a potentially high volume of global GDP, about 35%, and it is getting bigger and bigger every year. The association includes large countries – Brazil, China,” Novak stated, adding:

We expect that in the next 10-15 years the share of BRICS countries’ GDP will be more than half of the entire global economy.

This optimistic outlook reflects the increasing economic weight of BRICS nations whose combined output already exceeds that of the G7.

BRICS, initially comprising Brazil, Russia, India, China, and South Africa, has expanded its membership significantly in 2024 to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). This enlargement reflects BRICS’ growing influence as a counterbalance to Western-dominated economic institutions. The expanded group enhances BRICS’ global energy influence, with Saudi Arabia and the UAE as key oil producers, and strengthens its geopolitical presence by including countries from the Middle East and Africa. The new members bring diverse economic strengths, with Iran adding strategic energy and trade links, while Egypt and Ethiopia bolster Africa’s representation. This shift signals BRICS’ intent to reshape global governance by amplifying voices from the Global South.

At the BRICS Business Forum in October, Russian President Vladimir Putin claimed that BRICS countries’ share of global gross domestic product (GDP) now surpasses that of the G7 and is continuing to grow. He emphasized BRICS’ significant role in shaping the global economy, describing its members as key drivers of international economic growth and development.

According to public data in 2024, the BRICS economies account for an estimated 37.3% of global gross domestic product based on purchasing power parity (PPP), surpassing the G7’s 30%, reflecting stronger economic output adjusted for cost of living. China alone represents 19.05% while India accounts for 8.23%, according to the International Monetary Fund. Meanwhile, the United States and the European Union account for roughly 14.5% each. However, the G7 leads in nominal GDP at 44%, while BRICS holds 28%.

As BRICS expands its membership and economic footprint, the group continues to reshape global economic dynamics. With vast populations, resource-rich territories, and burgeoning industries, the BRICS nations are well-positioned to sustain robust growth. Putin articulated this future clearly, stating that it is in BRICS that the main increase in global GDP will be generated in the foreseeable future.

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