Putin Claims BRICS Will Lead Future Global Economic Growth, Not the West
Russian President Vladimir Putin stated on Friday that the BRICS group, consisting of Brazil, Russia, India, China, and South Africa, along with its new members—Egypt, Ethiopia, Iran, and the United Arab Emirates—will be the primary drivers of global economic growth in the coming years. Putin emphasized that the size and faster economic growth of BRICS nations, compared to Western countries, position them as the future leaders of global economic expansion.
Putin’s remarks were delivered ahead of a major BRICS summit set to take place in Kazan, Russia, from October 22 to 24. He described BRICS as an essential counterbalance to Western dominance in global politics and trade, suggesting that the group will increasingly gain economic sovereignty by depending less on external influences.
“The countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will generate the main increase in global GDP,” Putin said during a BRICS business forum in Moscow.
Next week’s summit, according to Putin, will showcase how Western efforts to isolate Russia over the conflict in Ukraine have largely failed. Instead, Russia seeks collaboration with other nations to reform the global financial system and reduce the dominance of the U.S. dollar.
Leaders from China, India, and the UAE have already confirmed their attendance at the summit, which is expected to discuss further BRICS expansion. Putin stated that around 30 countries have expressed interest in joining or cooperating with BRICS.
“The doors are open, we are not barring anyone,” Putin commented regarding BRICS’ enlargement.
Russia has laid out several financial initiatives for the summit, including the development of a SWIFT-like financial messaging system to bypass Western sanctions and the promotion of national digital currencies for investment projects. While the idea of a unified BRICS currency has been discussed, Putin noted that such a concept remains “premature.”
Putin also called for greater investment in technology, infrastructure, e-commerce, and artificial intelligence through the New Development Bank, BRICS’ primary development institution. He emphasized that the bank could serve as an alternative to Western financial mechanisms, especially for nations in the Global South.
Additionally, Putin highlighted Russia’s new transport megaprojects, such as the Arctic Sea Route and the North-to-South corridor, which aim to boost trade between Eurasia and Africa by connecting Russia to the Gulf and the Indian Ocean via the Caspian Sea and Iran.
