Russian President Vladimir Putin said BRICS countries are playing an increasingly important role in the global economy, accounting for more than 40 per cent of global GDP and over half of global economic growth in the past five years.
Addressing the BRICS Business Forum in New Delhi, Putin contrasted the bloc’s economic performance with that of the G7, saying the seven-member grouping accounted for 29 per cent of global GDP and just 18 per cent of growth over the same period.
“The world is always changing, and this is shown in the experience of the last five years. In the last five years, more than half of the world’s growth has been accounted for by BRICS whereas G7 has only accounted for 18 per cent,” Putin said.
The Russian President said the global economy was going through “deep, profound shifts”, with new engines of growth emerging as traditional economic powers faced increasing competition.
Putin also accused Western countries of trying to regain their competitive advantage as BRICS continues to expand its economic influence.
“We have been told that competition is sacrosanct by our Western competitors doing everything to get back their competitive edge and sometimes it has taken ugly forms,” he said.
He said BRICS nations had shown their willingness to work towards a shared future and stressed that the bloc’s strength was supported by its “great, dynamic, vibrant domestic markets”.
Putin pitches new BRICS investment platform
Putin also proposed creating a new investment platform through the New Development Bank to mobilise private-sector funding for BRICS economies.
The proposal is aimed at increasing investment within the bloc and helping member countries access greater private-sector capital. Putin said BRICS nations were ready to work together on an equal footing.
The Russian leader also referred to the sanctions imposed on Moscow, saying Russia was facing more than 30,000 sanctions.
He argued that the current period of economic and geopolitical change was necessary for the wider well-being of humanity, as the global economic system undergoes a major transformation.
Putin’s remarks came as BRICS leaders gathered in New Delhi for the 18th BRICS Summit, with discussions focused on economic cooperation, trade, investment and the bloc’s growing role in the global order.
