New Delhi, September 11 (Daily Kiran) : President Vladimir Putin addressed the BRICS Business Forum in New Delhi on September 11, emphasizing the significant changes occurring in the global economy. He noted that new growth engines are emerging, replacing traditional economic powers.
During his speech, Putin remarked on the growing interest in strengthening business contacts and relationships. He stated, “A reliable business-to-business relationship and economic partnership form the backbone of international economic relations. BRICS has played a crucial role in reinforcing these connections.”
Putin highlighted the ongoing structural changes in the world, attributing them to the decline of so-called old leaders who dominated economic growth in the latter half of the 20th century. He explained, “When I refer to ‘old,’ it is merely formal. We all understand the context. These old leaders possess considerable capabilities and infrastructure, yet this is not the nature of humanity or the economy. The world is in constant flux.”
Turning his focus on Western nations, he criticized those that imposed sanctions on Russia, stating they are now grappling with industrial decline and budget deficits. “They cannot afford this,” he added, pointing out the difficult consequences they face.
In his remarks, Putin also highlighted that over the past five years, BRICS countries have contributed more than 40% to global GDP, compared to just 29% from the G7 nations. He noted that more than half of the world’s economic growth during this period has originated from BRICS, while G7’s contribution stands at only 18%. “The reason is simple: BRICS countries are home to more than half of the world’s population, providing a robust and rapidly growing domestic market,” he concluded.
Leave a Comment