Putin claims Western economies are waning
Date
9/29/2024 12:58:02 AM
(MENAFN) Russian President Vladimir Putin asserted on Thursday that leading Western economies have entered an era of irreversible decline, while BRICS nations and their allies emerge as the primary drivers of global economic growth. Speaking at the Russian Energy Week 2024 forum, Putin emphasized the formation of a new multipolar development model that will shape growth throughout the 21st century, positioning it as independent from both Europe and North America.
Acknowledging the "powerful" foundations of Western economies, Putin stated that their slowdown will be a prolonged process. However, he emphasized that these economies are gradually "losing their positions among the world economics," underscoring a shift in the global economic landscape.
He pointed out that significant growth will now be concentrated in the BRICS countries—Brazil, Russia, India, China, and South Africa—along with those nations aspiring to join the bloc. These countries are viewed as pursuing equal partnerships that honor national interests, creating a collaborative environment for mutual benefit.
Putin highlighted a striking statistic: back in 1992, the BRICS nations collectively represented just 16 percent of global GDP, a figure that has now surpassed the economic output of the G7 countries. According to the World Bank, the BRICS group’s cumulative GDP, measured by purchasing power parity, accounted for over 35 percent of the global total in 2023, compared to the G7's 29 percent.
The Russian leader also articulated BRICS' intention to establish an effective development platform that operates independently of external influences. He referenced plans for an independent payment and settlement system designed to facilitate trade among member countries. Notably, he revealed that "friendly nations" now constitute 90 percent of Russia's energy exports, indicating a pivot toward strengthening ties with non-Western countries.
Putin's remarks underscore a broader narrative of shifting economic power dynamics, where BRICS and like-minded nations are positioning themselves as central players in a changing global economy.
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