Russian President Vladimir Putin is advancing to uproot the US dollar and G7 nations’ dominance in the global financial system. Putin, a member of the BRICS group said that the alliance is growing financially stronger than that of the G7 bloc. The ratio of BRICS and G7’s GDP is narrowing down every year giving the 11-member group an upper hand. BRICS surpassed the G7 bloc in terms of global GDP in purchasing power parity (PPP) early this year.
The development indicates that BRICS is not far behind from the G7 countries and could race ahead in the coming years. The alliance is deking its cards at the moment and finding new ways to end reliance on the US dollar. Read here to know how many sectors in the US will be impacted if BRICS completely stops using the dollar.
BRICS Is Now More Richer Than G7 Countries, Says Putin
Putin said in an interview early this month that BRICS is becoming richer than the G7 group of countries. BRICS is an alliance of developing countries and G7 is a bloc of developer nations. Despite the economic gap, BRICS is challenging the G7 and taking on its economy this year.
“As for BRICS, at the time of the summit in Johannesburg, the ratio of the economies of the G7 countries and the BRICS countries was already in favor of BRICS in terms of purchasing power parity,” Putin said. Read here to know a comparison of BRICS vs G7 countries in terms of GDP for 2023.
The Russian leader explained that many developing countries are now believing in the concept of a multipolar world. They aim to put developing countries in one stage and not put the US in control of the global economy.
“This means that every country joining BRICS supports the idea and concept of forming a multipolar world, as none wants to be on the sidelines of a ruler, seeking equal relations,” he said.