The Russian president says the economic group is crucial to the formation of a multipolar world
The BRICS nations have overtaken G7 states in terms of the purchasing power parity (PPP) of their populations, Russian President Vladimir Putin said on Monday in an interview with China Media Group.
“As for BRICS, at the time of the summit in Johannesburg [in August], the ratio of the economies of the G7 countries and the BRICS countries was already in favor of BRICS in terms of purchasing power parity,” Putin said.
BRICS currently comprises Brazil, Russia, India, China, and South Africa, but the group will be joined in January by Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
The G7 club of industrialized and developed countries consists of the US, Canada, the UK, France, Italy, Germany, and Japan.
According to Putin, the BRICS expansion will prove beneficial to the group, which has historically positioned itself as an alternative to…