BRICS’ Growing Economic Weight Reflected In More Than Half Of Global Growth: Putin

Russian President Vladimir Putin on Friday said BRICS countries accounted for more than half of global economic growth over the past five years, underlining the grouping's growing role in the world economy. Speaking at the BRICS Business Forum in New Delhi, Putin said the bloc's contribution to global growth had significantly outpaced that of the G7 during the period.

Putin said BRICS nations accounted for more than 40 per cent of global GDP, compared with 29 per cent for the G7. Citing data from the previous five years, he said more than half of global economic growth had come from BRICS countries, while the G7 accounted for 18 per cent of the growth during the same period. He described the figures as evidence of the changing structure of the global economy.

The Russian President said the world was undergoing “deep, profound shifts”, with new engines of economic growth emerging. He also said Western competitors were closely watching BRICS and attempting to restore their competitive edge, adding that such competition had at times taken “ugly forms”. His remarks came as BRICS countries seek to strengthen their economic cooperation and expand their role in global affairs.

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Addressing the gathering, Putin said BRICS nations had demonstrated their willingness to work towards building a shared future. He highlighted the group's large and dynamic domestic markets and said member countries were ready to cooperate on an equal footing. The comments reflected his broader argument that the economic influence of BRICS was increasing amid major changes in the global economic order.

Putin also proposed creating a new investment platform through the New Development Bank to mobilise private-sector funding for BRICS economies. The proposal was presented as part of efforts to deepen financial cooperation among member countries and make greater use of private capital. He further referred to the sanctions imposed on Russia, saying Moscow faces more than 30,000 sanctions as the world undergoes a period of transformation.

The remarks came at the BRICS Business Forum in New Delhi, where economic cooperation and the changing global economic landscape were key themes. Putin's assessment placed BRICS' recent contribution to global growth at the centre of his argument that the grouping is becoming an increasingly important force in the world economy, particularly as traditional economic power centres face structural changes.

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