BRICS countries set to dominate global economy, says Putin

Russia’s president Vladimir Putin said the BRICS group will generate most of the global economic growth in the coming years due to its size and relatively fast growth.

He was speaking at the bloc’s business forum over the weekend, which comes ahead of the BRICS summit which takes place in the Russian city of Kazan from 22-24 October.

Putin noted that the GDP of BRICS countries exceeded $60 trillion last year, accounting for about 37.4 per cent of the global GDP, and higher than the 29.3 per cent of G7 countries.

“The work of BRICS is not aimed against anyone. It is aimed only at one general task – the sustainable development and flourishing of our countries and people,” he said.

His message was welcomed by participants, who see a lot of opportunities for their businesses in the BRICS countries, which have now expanded to ten.

“The opportunity for South Africa and for the African continent that is presented by BRICS is absolutely massive,” said Busi Mabuza, the chairperson of the South Africa chapter of the BRICS Business Council.

She said her country had already seen a growth in trade because of its presence in BRICS.

The secretary general of the Federation of Egyptian Chambers of Commerce, Alaa Ezz, said Egypt has many projects within Africa.

“Collaborative cooperation with BRICS member states to do projects in infrastructure with Egyptian companies is a benefit, win-win for both sides,” he said.

He added that Egypt imports 50 per cent of its food, with BRICS one of the main suppliers.

Facing isolation from the West over Russia’s actions in Ukraine, Putin hopes the BRICS grouping will be a power counterweight to it in both global trade and politics.

Putin, in August, disclosed that 34 countries have indicated interest in joining the BRICS bloc.

BRICS

BRICS is an acronym representing five major emerging national economies: Brazil, Russia, India, China, and South Africa.

These countries are characterized by large and diverse economies, significant natural resources, growing middle-class populations, and increasing global economic influence.

The BRICS nations aim to promote economic cooperation, strengthen global governance, and foster cooperation on energy, trade, and infrastructure.

Key areas of cooperation include trade and investment, energy and natural resources, infrastructure development, science and technology, and culture and education.

Annual summits bring together the leaders of the five nations to discuss cooperation, global issues, and economic development.

As a grouping, BRICS represents 26% of global GDP, 42% of the world’s population, and 17% of global trade.

The alliance seeks to counterbalance traditional Western economic dominance, promote multipolar global governance, and foster South-South cooperation.

By collaborating, BRICS nations aim to enhance global economic stability and prosperity, and establish themselves as major players in the global economy.

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