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BRICS’ Role in Global Economy Expands Amid G7 Decline
(MENAFN) Russian Prime Minister Mikhail Mishustin stated on Tuesday that the influence of BRICS nations on the worldwide economy is on the rise, in contrast to a decreasing proportion contributed by the G7 group of industrialized countries.
"The weight of different countries in the global economy continues to shift. The contribution of the Global South and East, primarily the BRICS countries, is growing, while the G7's share is declining," Mishustin told a news agency at a strategic meeting on foreign economic affairs held in Moscow.
He highlighted that Russia needs vigorous foreign economic participation to stimulate growth across various industries, boost demand for domestic products and services, and maintain emerging industrial and technological projects.
The prime minister also recognized that Russia is confronting substantial challenges, including "mounting sanctions pressure" and rising tariffs, which he said have exacerbated imbalances in global trade.
To address these obstacles, Mishustin explained that the government is adjusting its economic support frameworks to align with national objectives set by President Vladimir Putin, with particular attention to promoting a supply-driven economy.
BRICS, initially made up of Brazil, Russia, India, China, and South Africa, has recently sought to broaden its membership, establishing itself as a counterbalance to economic institutions dominated by Western nations.
"The weight of different countries in the global economy continues to shift. The contribution of the Global South and East, primarily the BRICS countries, is growing, while the G7's share is declining," Mishustin told a news agency at a strategic meeting on foreign economic affairs held in Moscow.
He highlighted that Russia needs vigorous foreign economic participation to stimulate growth across various industries, boost demand for domestic products and services, and maintain emerging industrial and technological projects.
The prime minister also recognized that Russia is confronting substantial challenges, including "mounting sanctions pressure" and rising tariffs, which he said have exacerbated imbalances in global trade.
To address these obstacles, Mishustin explained that the government is adjusting its economic support frameworks to align with national objectives set by President Vladimir Putin, with particular attention to promoting a supply-driven economy.
BRICS, initially made up of Brazil, Russia, India, China, and South Africa, has recently sought to broaden its membership, establishing itself as a counterbalance to economic institutions dominated by Western nations.
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