Brics has overtaken G7 in terms of economy: President Putin at SPIEF 2026

Addressing the Saint Petersburg International Economic Forum, Russian President Vladimir Putin said that the Brics have overtaken the G7 in terms of economy. 

He said, "The share of Brics in the world GDP based on purchasing power parity stands at forty percent, whereas the G7 share is less than twenty-nine percent. So, Brics has already overtaken the G7, and it did so back in twenty-twenty, but this gap is increasing. This gap is expected to grow in favor of Brics. But what are the sources explaining this process? This is due to the fact that Brics is going to grow at a steadily greater pace." Putin further added that the global economic paradigm, moving away from Western-dominated financial centres towards a multipolar system. The focus is now on building equitable partnerships, expanding settlements in national currencies, and creating new logistics corridors without relying on Western intermediaries.