Putin highlights evolving dynamics of global economy during BRICS summit

(MENAFN) During the recent BRICS Summit held in Kazan, Russian President Vladimir Putin delivered a significant address highlighting the evolving dynamics of the global economy and the increasing influence of the BRICS bloc. He emphasized the challenges posed by Western sanctions and protectionist measures, while also outlining Russia's strategic initiatives within the BRICS framework.

### Multipolar World Order on the Rise

Putin began his address by acknowledging the transformative changes occurring in world trade and the global economy. He pointed out that the epicenter of economic activity is shifting towards developing markets, suggesting a move away from traditional power structures. “A multipolar model is being formed, which is launching a new wave of growth, primarily due to the countries of the Global South and East – and, naturally, the BRICS countries,” he stated. This perspective underscores Russia's view that emerging economies are becoming increasingly central to global trade and development.

### BRICS as a Stabilizing Force

Highlighting the resilience of BRICS nations, Putin noted that these economies have shown "sufficient stability" thanks to prudent macroeconomic and fiscal policies. He expressed optimism about future growth, predicting that the BRICS bloc could see an average economic growth rate of 3.8% from 2024 to 2025. This is notably higher than the global average, which he estimated at around 3.2-3.3% during the same period. This forecast suggests that BRICS countries are not only weathering global economic uncertainties but are also poised for robust growth.

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