🌍 Putin: BRICS Now Controls 40% of World Economy
At the St. Petersburg International Economic Forum, Russian President Vladimir Putin announced that BRICS countries now control 40% of the global economy and have surpassed $1 trillion in mutual trade, with continued growth expected, especially from the Global South.
Putin emphasized BRICS as a cooperative alternative to Western models, citing shared goals in AI, nuclear power, robotics, IT, and aviation. He highlighted last year’s BRICS summit in Kazan, which drew participation from 35 countries, representing nearly two-thirds of the global population and about half of global GDP.
Putin described BRICS as open to new members committed to consensus and parity, pushing for broader participation beyond Western influence. A pre-speech video dramatically portrayed the decline of U.S. power and the rise of BRICS, setting the tone for the session.
Alongside Putin were leaders from Indonesia, China, Bahrain, and South Africa, signaling that Russia isn’t isolated despite Western sanctions. He claimed Russia’s economy is growing faster than the global average, now relying more on trade with China and India than fossil fuel exports.
While avoiding direct mention of Ukraine, Putin discussed the risk of global recession and Russia’s high interest and inflation rates. He defended Russia’s economy, stressing a focus on "technological sovereignty" and closer ties between civilian and defense industries.
SPIEF, once a Western-friendly event, now centers on Asia and Africa—a clear sign of Putin’s pivot away from the West.
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