The head of the Russian Central Bank, Elvira Nabiullina, stated in an interview for RIA Novosti yesterday that the BRICS states have overtaken the G7 in terms of share in global GDP in PPP terms.
As new members have joined, the group’s share in global output rose from 31% to 35% as of the end of 2023, he added. This is based on the GDP in terms of the PPP (purchasing power parity) metric. The latter compares economic productivity and standards of living between countries by checking the differences in the cost of goods and services.
Nabiullina stressed that BRICS’s role now is very vital, stating, “BRICS economies are developing quite quickly.”
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