Russian President Vladimir Putin says BRICS will lead the global economy’s growth trajectory in the coming years, thanks to its expanding membership and faster growth rates compared to developed Western nations.
Russian President Vladimir Putin announced on Friday that the BRICS group will become the main engine of global economic growth due to its large size and relatively swift expansion, surpassing the growth rates of Western economies. His remarks came ahead of the BRICS Summit, which he will host in Kazan from October 22-24.
BRICS Expansion and Global Influence
The BRICS bloc, which initially included Brazil, Russia, India, China, and South Africa, has now expanded to incorporate Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Putin aims to position the group as a robust counterweight to the West in global politics and trade.
“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 speech at the BRICS Business Forum in Moscow.
He further added, “The economic growth of BRICS members will increasingly depend less on external influence or interference. This is essentially economic sovereignty.”
BRICS: A Challenge to Western Financial Dominance
The upcoming summit is being presented by Moscow as evidence that Western efforts to isolate Russia over the Ukraine conflict have failed. Russia is actively seeking cooperation with other nations to reform the global financial system, reducing reliance on the U.S. dollar and Western-dominated institutions.
Putin’s vision for BRICS includes creating an alternative global economic framework that promotes independence from Western financial influence. The group’s increasing collaboration signals a shift toward a multipolar world order.
Confirmed Attendees for BRICS Summit
China, India, and the UAE have confirmed that their leaders will attend next week’s summit, reinforcing the group’s collective agenda. The event will serve as a platform to discuss strategies for fostering economic growth, strengthening trade alliances, and further enhancing BRICS’ role in the global arena.
