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Home Business BRICS GDP Growth to Hit 4% by Q4 2024, Exceeding Global Average of 3.2% – Putin

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BRICS GDP Growth to Hit 4% by Q4 2024, Exceeding Global Average of 3.2% – Putin

Mayowa DurosinmiOctober 18, 20241 Mins read843

BRICS GDP Growth to Hit 4% by Q4 2024, Exceeding Global Average of 3.2% - Putin

Photo: Sergei Bobylev, RIA Novosti

Russia’s President Vladimir Putin said on average, by the end (Q4) of 2024, the BRICS nations’ Gross Domestic Product (GDP) growth rate is expected to reach 4%, exceeding the 3.2% global average.

Putin disclosed this on Friday in Moscow while addressing delegates and business representatives during a plenary session of the BRICS Business Forum.

The forum occurred before the BRICS Summit, scheduled in Kazan on October 22–24. It will include the new participants in the association for the first time. On January 1, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia became full participants in BRICS alongside Brazil, India, China, Russia, and South Africa, which is scheduled to be held in Kazan on October 22–24.

Putin, however, stated that Russia, as the leading chair of BRICS, strives to facilitate the integration of new members into all cooperation mechanisms.

The countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will generate the main increase in global GDP, Putin stated.

Putin also cited some of the initiatives Russia has previously outlined ahead of the summit, including a joint cross-border payments system dubbed BRICS-Pay and a reinsurance company.

The BRICS nations are economic development engines, and in the upcoming years, they would be the primary source of global GDP growth, he added.

Positioning to serve as an alternative to the Western development methods in inter-trading is the BRICS New Development Bank, to which Russia will increase the New Development Bank’s capacity to take the lead in funding the Global South and BRICS.

Subsequently, in his speech, Putin further emphasised the significance of close economic partnerships between BRICS nations, as he added that “joint work brings tangible results.”