Putin Highlights BRICS’ Growing Economic Weight, Calls Global Economic Shift “Profound”
New Delhi: Russian President Vladimir Putin has highlighted the growing economic influence of BRICS, saying the grouping has emerged as a major driver of global economic growth and is increasingly shaping the changing international economic order.
Addressing the Leaders’ Session of the BRICS Business Forum in New Delhi, Putin said that over the past five years, BRICS countries have accounted for more than 40% of global GDP, compared with around 29% for the G7.
He further pointed out that more than half of global economic growth during the same period had come from BRICS countries, while the G7’s contribution stood at about 18%.
According to Putin, one of the key reasons behind BRICS’ economic dynamism is its enormous population base. He noted that BRICS countries account for more than half of the world’s population, giving the grouping access to large and increasingly vibrant domestic markets.
The Russian President also spoke about the broader transformation taking place in the global economy. He said the world is witnessing “structural, deep, profound shifts”, with new centres of economic growth increasingly emerging alongside the traditional economic powers that dominated the second half of the 20th century.
Putin acknowledged that the established economic powers continue to possess significant strengths, including well-developed infrastructure, technological capabilities, scientific expertise and strong research institutions. However, he stressed that economic leadership is not static and that the global economy is constantly evolving.
Putin Criticises Sanctions, Says Russia’s Economy Outpacing Global Growth
Speaking at the same forum, Putin also criticised the extensive sanctions imposed on Russia, accusing Western competitors of using increasingly aggressive measures to protect their economic positions.
He said more than 30,000 sanctions had been imposed on Russia, claiming that this was twice the number of sanctions imposed on all other countries in the world combined. He also accused some countries of disrupting transport links and infrastructure as part of efforts to constrain Russia economically.
Despite the sanctions, Putin said Russia’s economic growth over the past three years had exceeded the global average, presenting the performance as evidence of the resilience and adaptability of the Russian economy.
His remarks at the BRICS Business Forum underline Moscow’s broader argument that the global economic centre of gravity is shifting towards emerging economies, with BRICS seeking a greater role in shaping international trade, investment and economic governance.