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According to IMF forecast, GDP (PPP) of BRICS countries to overtake G7 in 2020: Russia’s Deputy MFA

'BRICS at ten: challenges, achievements and prospects' expert discussion at the Gaidar Forum 2020 in RANEPA. Moscow, Jan 15, 2020. Photo: Pan Pacific Agency.

MOSCOW, Jan 15, 2020, Pan Pacific Agency. Expert discussion of the outcomes of the BRICS decade opened the 11th Gaidar Forum, which started today at the Russian Presidential Academy of National Economy and Public Administration (RANEPA) in Moscow. Prospects of the second BRICS’ decade, started Russia’s presidency in 2020, was outlined by one of the country’s key officials involved in BRICS development – Sergey Ryabkov, Russia’s Deputy Minister of Foreign Affairs, who is also a Russian Sherpa in BRICS, Pan Pacific Agency reported.

“Our work in BRICS is based on the principle of gradually filling the glass, and not measuring with a ruler how empty the glass is. It is indisputable that BRICS as a multidisciplinary association has completed the stage of its formation. The period for finding yourself is over. Today, it is unlikely that anyone will dare to imagine international relations without the BRICS,” Sergey Ryabkov said.

According to the official, at the end of 2018, the total GDP at purchasing power parity (PPP) of the BRICS countries reached $44 trillion. According to the IMF forecast, this figure should grow to $47.6 trillion in 2019. The same indicator of the G7 countries is $42.4 trillion. “The BRICS countries represent different continents, but they are all influential participants in numerous international structures,” Sergey Ryabkov said.

“In BRICS, we work through networking, without hierarchy, without building floors. It is a reflection of the most modern approach for solving international problems. Many publications on BRICS declare that the increasing the number of channels, formats, and areas of cooperation is almost an end in itself for BRICS. But I want to say that no one forces the BRICS countries to cooperate. If ministries, NGOs, academics, athletes, filmmakers implement these forms of interaction, then it is interesting for them and creates added value,” Sergey Ryabkov noted.

Russian official promised to make BRICS “more recognizable” and convey the idea of unification “to the widest socially active strata of the population of the five countries”. Among the mechanisms, there are “stimulating female entrepreneurship, increasing cooperation in remote areas, updating the BRICS economic cooperation strategy,” he said.

BRICS is an informal group of states comprising the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa. The 11th BRICS summit was held in Brasilia last year. The 12th summit will be held in Russia’s St. Peterburg in July.

Pan Pacific Agency covers all major events of the Gaidar Forum 2020 as an international media-partner. 11th Gaidar Forum organizers: The Russian Presidential Academy of National Economy and Public Administration (RANEPA); The Gaidar Institute for Economic Policy (Gaidar Institute); The Association of Innovative Regions of Russia (AIRR).

Russian version of this article is available here.

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