Russian President Vladimir Putin on Friday said that "Brics has overtaken the G7" in terms of economic size, while also praising India as a "key partner" for its leading role in the IT and software industry.
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Speaking at the annual St Petersburg International Economic Forum, Putin said that developing countries are playing an increasingly important role in the global economy, while the share of Western economies has been shrinking.
"If you look at the global GDP dynamics of the last five years, you will see that almost half of its annual growth, 49%, is accounted for by Brics countries, whereas the contribution of the so-called group of seven is estimated at 18%...,"Putin said.
"The share of Brics and the world GDP based on purchasing power parity stands at 40%, whereas the G7 share is less than 29%," he said.
"So Brics has already overtaken the G7, and it did so back in 2020, but this gap is increasing. This gap is expected to grow in favour of Brics..." he added.
