Russian PM Says Contribution of BRICS to Global Economy Is Increasing

(MENAFN) Russian Prime Minister Mikhail Mishustin said on Tuesday that the economic contribution of the BRICS nations is increasing, in contrast to a declining share of 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 said during a strategy session on foreign economic activity in Moscow, as reported by a news.

He stressed that Russia needs strong foreign economic engagement to stimulate growth across multiple sectors, boost demand for domestic goods and services, and support new industrial and technological projects. Mishustin acknowledged that the country faces considerable challenges, including mounting sanctions and rising tariffs, which have exacerbated imbalances in international trade.

To respond to these pressures, Mishustin explained that the Russian government is adjusting its economic support mechanisms to meet national targets set by President Vladimir Putin, with a particular focus on promoting a supply-side economic model.

BRICS—originally consisting of Brazil, Russia, India, China, and South Africa—has recently expanded its membership, positioning itself as a growing counterbalance to Western-dominated economic institutions and signaling a shift in global economic power toward the Global South and East.

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