MOSCOW, (Pakistan Point News - 06th Jun, 2026) Russian President Vladimir Putin affirmed today that the BRICS group has become one of the most prominent drivers of global economic growth amid the increasing role of emerging economies and developing countries.
In a speech at the plenary session of the 29th St. Petersburg International Economic Forum (SPIEF), President Putin stated that over the past five years, BRICS countries have generated nearly half of the annual growth in global gross domestic product (GDP).
He pointed out, “At present, BRICS accounts for approximately 40 % of global GDP measured by purchasing power parity.
Business is naturally more interested in places where development is more dynamic and where there are prospects for increasing production and sales. Therefore, the focus of global trade, and with it the financial system, will also shift. In fact, it is already shifting."
He added, "During the existence of BRICS, its share of global merchandise trade has more than doubled. Our member states accounted for almost a quarter of global exports. And this figure continues to grow steadily. So does intra-BRICS trade turnover, which has already exceeded US$1 trillion."
Putin noted, "BRICS countries have significantly increased high-tech exports. Our strategic partner China holds the largest number of patents in the field of artificial intelligence, where Russia also has very strong prospects."
The Russian President stressed that the changes taking place globally are creating enormous opportunities, as the structure of growth is shifting in favour of the development centres of the Global South. These countries are experiencing population growth, the emergence of a middle class, the expansion of domestic markets and the development of their own scientific centres.
“The world becomes fairer when economic growth embraces billions of people who were previously on the periphery of the global economy. It is very important that the new centres of growth want to determine their own development trajectories. If we look at global GDP growth over the past five years, nearly half of its annual increase – 49 %– was generated by BRICS countries,” Putin added.
