Moscow, Feb 29 (IANS): The BRICS states are overtaking the G7 in terms of share in global GDP in PPP terms, Russian President Vladimir Putin said on Thursday while addressing the Federal Assembly, a media report said.

The share of BRICS will increase to 36.6 per cent by 2028, while that of the G7 will decrease to 27.8 per cent, according to estimates provided by President Putin, RT reported.

“But 10 years ago, the situation was different,” Putin said, noting that in 2022, the BRICS countries surpassed the G7 in terms of GDP in PPP terms (31.5 per cent versus 30.3 per cent), whereas back in 1992, the BRICS share was only around 16.5 per cent, RT reported.

PPP is a metric popular with many economists that compares economic productivity and standards of living between countries by adjusting for the differences in the cost of goods and services.

The BRICS group of emerging economies, which previously comprised Brazil, Russia, India, China and South Africa, underwent a major expansion after Iran, Ethiopia, Egypt and the UAE joined in January this year.

Saudi Arabia has also been invited and is set to become a member. Numerous other states have expressed interest in joining, while some have already formally submitted applications, RT reported.