Russian President Vladimir Putin delivered a pointed message to the world's leading economies during his address at the BRICS Business Forum, using hard economic figures to underscore what he called the declining relevance of the Group of Seven.
Speaking at the forum, Putin drew attention to a striking statistical contrast: BRICS nations now account for roughly 40 per cent of global GDP when measured by purchasing power parity (PPP), a figure he presented as undeniable proof that the centre of economic gravity has moved away from traditional Western institutions.
"The world is always changing, and this is attested to by the objective facts of the last five years," Putin said, framing the data not as mere numbers but as evidence of a broader geopolitical transformation.
The G7 — comprising the United States, the United Kingdom, France, Germany, Italy, Canada, and Japan — has long positioned itself as the pre-eminent forum for coordinating global economic policy. However, its share of world GDP, once commanding a comfortable majority, has steadily eroded as emerging markets have accelerated their growth trajectories.
BRICS, originally an acronym for Brazil, Russia, India, China, and South Africa, has undergone a significant expansion in recent years. New members including Saudi Arabia, the United Arab Emirates, Egypt, Ethiopia, Iran, and the Gulf Cooperation Council nations have broadened the bloc's reach across energy, demographics, and geography — further tilting its collective economic weight.
Putin's remarks came at a strategic moment. The BRICS Business Forum, held alongside the annual leaders' summit, serves as a platform for showcasing the bloc's commercial potential and reinforcing its narrative as an alternative to Western-led economic governance. By highlighting the PPP figure, the Russian president sought to legitimise BRICS as a more representative and consequential body on the world stage.
Analysts note that while PPP GDP is a widely used metric, it tells only part of the story. In nominal terms, the G7 still collectively outspends BRICS. Nevertheless, the BRICS PPP figure has become a powerful symbol in global economic diplomacy — one that countries outside the Western mainstream have eagerly embraced.
The speech also carries domestic significance for Russia, which has faced unprecedented sanctions since its invasion of Ukraine in 2022. By aligning himself with a rapidly expanding multilateral bloc, Putin aims to project an image of Russia as a key player in a new multipolar order rather than a pariah state.
