BRICS will soon surpass G7 in terms of GDP in next 2-3 years - lawmaker

MOSCOW, June 8. /TASS/. BRICS countries’ joint GDP will soon surpass the same indicator of the G7 countries in the next 2-3 years, State Duma’s International Affairs Committee head Alexey Pushkov told journalists on Monday. "In 2014, the share of BRICS countries joint GDP reached 30 percent [of global GDP]. It is yet less than the share of G7 countries, but the difference is only 7-8 percent," Puskov said. "BRICS countries’ joint GDP stood at $32.5 trillion in 2014, according to the International Monetary Fund, while the joint GDP of G7 countries was $34.7 trillion. Considering the fact that BRICS countries demonstrate bigger growth rates that G7 countries, we can assume that the joint GDP of BRICS countries will surpass that of G7 countries in the next 2-3 years," the lawmaker noted. BRICS is an association of five major emerging economies - Brazil, Russia, India, China and South Africa - founded in June 2006. The first official summit took place in June 2009 in Russia’s Yekaterinburg. Since then, meetings at the highest level are held annually in member-countries. The last summit took place in Brazil. On April 1, Russia accepted BRICS presidency. On June 8, BRICS first parliamentary summit opened in Moscow. Read more