Putin declares only growth of BRICS` GDP over G7
Date
10/20/2024 5:22:54 AM
(MENAFN) Russian President Vladimir Putin has proclaimed that the BRICS nations are poised to become the primary engines of global economic growth, with their influence set to expand even further through increased cooperation within the bloc. Speaking at the BRICS Business Forum in Moscow, Putin highlighted that BRICS countries have already surpassed the Group of Seven (G7) in terms of global GDP share, and this trend is expected to continue.
According to Putin, BRICS now represents 37.4% of the world’s GDP, compared to just 29.3% for the G7. He emphasized that “this gap is widening” and that it is “inevitable” that it will continue to grow. “The BRICS countries are in fact the drivers of global economic growth,” he asserted, noting that the bulk of future increases in global GDP will come from this coalition.
In addition to their GDP growth, Putin pointed out that BRICS nations collectively account for approximately a quarter of global exports of goods and play a dominant role in crucial markets such as energy, metals, and food. He emphasized that the bloc is actively developing various “development platforms” aimed at fostering deeper integration and cooperation among member countries. These platforms include initiatives to establish robust communication channels, technological and educational standards, financial systems, payment mechanisms, and sustainable long-term investment strategies.
Putin stressed that these efforts are designed to reduce the economic dependence of BRICS nations on external influences or interferences. He articulated a vision for “economic sovereignty” within the bloc, which aims to create a partnership of self-sufficient economies. This approach, he noted, significantly enhances their potential and opens up new opportunities for growth and collaboration.
Overall, Putin's remarks underscore his belief that the BRICS coalition is not only a rising force in the global economy but also a transformative entity that could reshape economic dynamics on an international scale.
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