Tuesday, 9 June 2015

BRICS SET TO OVERTAKE G7 GDP IN A FEW YEARS

BRICS' total GDP could exceed G7's in 2-3 years - Pushkov

[source]

The combined Gross Domestic Product (GDP) of the BRICS countries (Brazil, Russia, India, China and South Africa) will exceed that of the G7 countries in the next two or three years, says Alexei Pushkov, the head of the State Duma Committee for International Affairs.

"Given that the BRICS countries have mostly demonstrated much higher growth rates than those of the G7 countries, one can assume that in the next two or three years BRICS' combined GDP will exceed that of the G7 countries," he told reporters on June 8 in Moscow, which is hosting a BRICS parliamentary forum.

According to the International Monetary Fund, BRICS' total GDP in 2014 stood at $32.2 trillion, whereas G7's at $34.7 trillion, Pushkov said.

"As you can see, the difference is 2.2 trillion," he said.

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