The share of the BRICS GDP in purchasing power parity (PPP) has grown from 37% to 40%. The G7 countries’ share of global GDP in PPP currently stands at 29%. Therefore, the BRICS alliance is ahead by 11% in PPP than its Western counterparts. The bloc is growing in economic independence, threatening the dominance of the US and the West.

“The BRICS countries’ share in global GDP 40% in terms of purchasing power parity (PPP), exceeded that of the G7 29% even before the expansion of the association,” said Russian Foreign Minister Sergey Lavrov. His statement drew attention in a changing economic landscape where developing countries are gaining an upper hand.

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Plans To Further Increase the BRICS GDP in PPP Underway

Lavrov explained that specific proposals were put forward during the summit in Kazan that could increase BRICS GDP in PPP. The proposals include the formation of a new settlement infrastructure, the creation of an independent exchange and investment mechanisms, and working towards building the Shanghai Cooperation Organization development bank (SCO Bank).

“Those initiatives should increase the efficiency of economic interaction between the countries of the global majority and protect it from unfair competition,” and uplift BRICS GDP in PPP, he noted. BRICS is growing economically and could be a major force to reckon with in the coming decades. The next few decades could be much different from what we know, as a new multipolar financial world could gain a stronghold.

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Lavrov is heading a meeting that’s taking place on the sidelines of the High-Level Week of the 80th session of the UN General Assembly. The growth of the BRICS alliance and ideas to uplift its GDP in PPP are being discussed in the meeting. The bloc has banded together after Trump imposed sweeping tariffs in April. This led member-nations to seek alternative options to the US dollar.