Senior Putin aide states G7 ‘no longer engines of growth’

(MENAFN) The G7 countries are no longer the primary drivers of global economic growth, with new centers of power rising, according to Maksim Oreshkin, deputy head of President Vladimir Putin’s administration. Oreshkin made these remarks on Wednesday while moderating a session at the 28th St. Petersburg International Economic Forum (SPIEF 2025), a three-day event addressing major economic issues in Russia and the shifting multipolar world.

He explained that structural changes in the global economy are reshaping power dynamics. The traditional “Big Seven,” which has long lost its dominance, is being replaced by emerging growth hubs in the Global South and East.

SPIEF 2025 will feature 19 business dialogue sessions between Russia and key international partners, including Africa, Brazil, and the UAE, along with talks involving the Eurasian Economic Union and ASEAN.

Russian presidential aide Yuri Ushakov noted that the forum will attract officials from 50 countries and about 20,000 participants from 140 nations, including the United States. President Putin is scheduled to deliver a keynote speech on June 20.

Earlier this year, the Kremlin declared the G7 “lost its relevance” for failing to reflect current global economic realities. Spokesperson Dmitry Peskov highlighted the G20 as a more inclusive platform, representing fast-growing economies such as China, India, and Brazil, calling it a better reflection of the world’s economic drivers.

At the recent G7 summit in Canada, US President Donald Trump admitted that excluding Russia from the group (formerly the G8) was a mistake, suggesting Russia’s presence might have helped prevent the Ukraine conflict. Trump has expressed interest in Russia rejoining the group.

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