Old Economic Leaders Being Replaced By New Growth Engines: Putin At BRICS Forum

New Delhi: Russian President Vladimir Putin on Friday said the global economy was undergoing “deep” and “profound” structural changes, asserting that emerging economies were increasingly becoming the new engines of global growth.

Addressing the BRICS Business Forum, Putin said strengthening business-to-business ties and economic partnerships among BRICS nations would help create more resilient international economic relations and address challenges facing the global economy.

He highlighted the growing economic weight of the grouping, saying BRICS countries accounted for more than 40 per cent of global GDP over the past five years, compared with 29 per cent for the G7.

New centres of growth

Putin said the economic leaders that drove growth during the second half of the 20th century were gradually being replaced by new centres of growth. He noted that established economies continued to possess technological, scientific and infrastructural advantages, but argued that economic power was naturally shifting.

The Russian president also stressed the importance of developing ties with “reliable, predictable partners” and said BRICS nations had large, dynamic and vibrant domestic markets.

Putin meets PM Modi

Earlier in the day, Putin met Prime Minister Narendra Modi at Bharat Mandapam on the sidelines of the BRICS summit. According to Modi, the two leaders discussed strengthening trade ties, including implementation of the Programme for Economic Cooperation 2030, as well as cooperation in infrastructure, energy, technology, defence and culture.