Russia's Putin says BRICS now 40% of global economy, calls for new growth model

Daily News Egypt

13 hours ago

The BRICS group of nations now accounts for 40% of the global economy, Russian President Vladimir Putin said, adding that the world is undergoing its most significant transformation in decades.
Speaking at the plenary session of the St. Petersburg International Economic Forum (SPIEF), Putin said the influence of the BRICS countries has grown from 20 per cent of the global economy at the beginning of the century. He said Russia is proposing a new model of growth that is open, fair, free, focused on citizens' needs, and considers national interests.
'Russia invites its partners to contribute to the formation of a new global growth model, to jointly ensure the prosperity of our countries and the stable development of the whole world for many, many years to come,' the president said.
Putin recalled that at the BRICS summit in Kazan, 35 countries noted the need for a new model of the world. He emphasised that dozens of countries are already implementing large-scale projects in nuclear energy, AI, aviation, and IT, and that trade between these countries has exceeded US$1 trillion.
He also outlined key structural changes in the Russian economy, focusing on technological flexibility and high speed of implementation of solutions.
Other world leaders at the forum echoed the theme of a changing global order.
South African Deputy President Paul Mashatile emphasised that the topic of multipolarity is central in a changing world. He noted the active cooperation between Russia and South Africa in BRICS and the G20 and called Russia a key player in areas such as energy, food security, artificial intelligence and space.
Mashatile focused on the growing demographic and industrial role of Africa.
'Africa is looking for partnerships based on equality, equal access to capital markets, knowledge and technology. It is in this regard that global platforms such as the St. Petersburg International Economic Forum become particularly important for us,' he said.
The deputy president recalled that the continent's population will exceed 2.5 billion by 2050 and emphasised Africa's commitment to digital transformation, regional integration and the creation of a free trade area.
Chinese Vice Premier Ding Xuexiang said that China will continue to promote a policy of openness and strengthen economic cooperation with developing countries.
'The civilisations of the world must develop through mutual enrichment, based on equality, dialogue, and respect for diversity. Every nation has the right to choose its own path and realise its own values,' he emphasised.
National Security Advisor Nasser bin Hamad Al Khalifa of Bahrain thanked Russia for the invitation to the forum, recalling the King of Bahrain's visit to Moscow in May 2024 and stressing the importance of dialogue with President Putin.
The sheikh praised Russia's economic policy, especially in the areas of industry and energy.
'This policy plays an important role in the development of strategically important sectors of the economy. […] It has a positive impact on the international investment climate. Russia is strengthening its economic relations with countries in our region and other states,' he said.
According to him, Bahrain aims to expand international partnerships, including with Russia.