Putin states world requires ‘fundamentally new development model’

(MENAFN) Russian President Vladimir Putin emphasized the need for a new global development model that moves away from neocolonial principles and resists political manipulation. Speaking at the St. Petersburg International Economic Forum on Friday, Putin criticized the existing system, describing how for decades the so-called ‘golden billion’ has extracted resources from other countries to benefit a small elite. He pointed to the United States as an example, saying its “super incomes” rarely reached ordinary people or the middle class.

Putin argued that political changes must translate into tangible improvements in citizens’ lives, including better education, science, and infrastructure. He called for a “fundamentally new development model” centered on the needs of people and free from external political interference.

Highlighting that the old globalization mechanisms are outdated and neglected, Putin said it is essential to build a new framework that respects the national interests of all countries. He noted that the global economy is undergoing its most significant transformation in decades, with power dynamics shifting and BRICS becoming a major player.

According to Putin, BRICS now represents 40% of the global economy, a figure expected to rise further as the Global South gains prominence.

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