Almost 40% of world GDP will fall to the countries of the SCO by 2025 – VEB

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Almost 40% of world GDP will fall to the countries of the SCO by 2025 – VEB 17.04.2018 12:07

According to the forecasts of the Russian Vnesheconombank, the share of the countries of the Shanghai Cooperation Organization (SCO) in world GDP will approach 40% by 2025, Andrei Klepach, Deputy Chairman of Vneshekonombank, said at the plenary session of the Second Sochi Eurasian Integration Forum on Tuesday.

"The SCO in its broad composition, including Pakistan and India, is in fact 30% of the world's gross domestic product. By 2020, if to take the forecasts used by the IMF (International Monetary Fund - TASS comment), it will be somewhere around 34-35%. According to estimates that we made at Vnesheconombank, with this dynamic, by the year 2025 there will already be 38% - almost 40% of world GDP", Klepach said.

In his opinion, now the SCO is "the largest organization that can structure the economic space of big Eurasia". India and China have already become one of the largest players on world markets and, in the event of economic confrontation, can compete with the West.

"We see Asia gaining its power. <...> The SCO was created, as we know it, as an organization for security and cooperation. Now there is not just a quantitative expansion, but the process of its formation - may already in the short term - as an organization for economic cooperation", Klepach said.

The declaration on the establishment of the SCO was signed in Shanghai in June 2001 by six countries - Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Six observer countries (Mongolia, India, Iran, Pakistan, Afghanistan and Belarus) and six dialogue partners (Sri Lanka, Turkey, Azerbaijan, Armenia, Cambodia and Nepal) also participate in the work of the association.

The Second Sochi Eurasian Integration Forum takes place on April 17-18. It was organized by the Institute of CIS countries with the support of the Presidential Grants Fund and PJSC Gazprom. About 200 people take part in the Forum, including foreign experts, politicians and public figures from 16 SCO member states, observer countries and SCO dialogue partners, as well as countries involved in integration projects.