Datanomics: Brics, SCO gain ground, but G7 holds the edge in GDP and trade

Putin questioned G7's economic dominance, as new data shows BRICS and SCO nations overtaking the bloc in global GDP share under purchasing power metrics

Russian President Vladimir Putin, during his recent visit to India, questioned the idea of G7 (Group of Seven) nations being the world’s economic powerhouse, pointing to slower growth and recessionary trends in some European economies such as Germany and France. He argued that the economic position of G7 countries was weakening, despite their status as high-tech economies.

 

Chart 1: G7 beats Brics, SCO in GDP…

 

The share of G7 countries in global gross domestic product (GDP) at nominal dollar values has remained almost double that of Brics and the Shanghai Cooperation Organisation (SCO) individually in recent years, even though the