Russian President Vladimir Putin has outlined the economic future of the BRICS bloc, emphasizing its role in driving global growth.
Speaking on the economic expansion of the BRICS nations at the BRICS Business Forum in Moscow, Putin projected that by the end of 2024, BRICS countries’ GDP growth would average 4%, surpassing the global average of 3.2%.
Putin highlighted BRICS’ increasing importance in the world economy, describing the group as a major engine for economic development. According to the Russian leader, in the coming years, BRICS nations will be the primary contributors to global GDP growth, marking a shift away from reliance on external forces.
The BRICS countries, comprised of Brazil, Russia, India, China, and South Africa, are positioning themselves as a counterbalance to Western-dominated economic models.
A central pillar in this strategy is the BRICS New Development Bank (NDB), which Putin sees as an alternative to Western institutions.
Russia, he added, plans to bolster the NDB’s capacity, aiming for it to become a leading force in funding projects across the Global South and within BRICS.
Putin also underscored the importance of close economic cooperation among the BRICS nations, noting that collaborative efforts are already yielding tangible benefits.
As the BRICS bloc expands its influence, its role in shaping the global economic landscape looks set to grow.
Russia will assume the chairmanship of BRICS, a major global association that has now expanded to include new members.
The upcoming summit in Kazan, set for October 22-24, will mark the first meeting with the newly inducted countries.
Previously composed of Brazil, Russia, India, China, and South Africa, BRICS has now welcomed Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia, who became full members on January 1, 2024.
