“49% of Global Growth from BRICS, G7 Only 18%” – Putin

Russian President Vladimir Putin has stated that nearly half of the world’s economic growth now comes from BRICS countries, while the G7’s share has fallen to just 18 percent.

Speaking at the plenary session of the St Petersburg International Economic Forum, Putin said the world is not going through a simple cyclical transition, but rather a fundamental shift in the entire paradigm of global development.

He noted that turmoil in energy markets, rising tensions in the Middle East, and short-sighted policies by European bureaucrats are steadily eroding Europe’s economic standing. According to the President, this also undermines regional and global security. He accused European elites of deliberately spreading chaos and attempting to drag more countries into it.

President Putin warned that any nation relying entirely on external infrastructure risks having that very infrastructure used against it. As a result, many countries are now developing their own technology, supply routes, and institutions.

Despite ongoing pressure on Russia, the changing global landscape offers not only challenges but also new opportunities, he said. “New partnerships are emerging, new financial and technological solutions are being developed, and access to promising markets is expanding,” Putin added.

Regarding sanctions and the freezing of Russian international reserves, the President claimed this has caused irreversible damage to the position of the US dollar and the euro. “Every country now understands that, like Russia, it could at any moment lose access to its dollar or euro assets,” he stated. He called this a matter of unfair competition, noting that pretexts – whether the Ukraine conflict, Middle East developments, African crises, or a country’s stance on LGBT issues – can always be found, but the underlying problem remains the same.

Finally, President Putin said that for countries with large populations, vast territories, and distinct cultures, possessing an independent technological base is essential. “Major countries – true civilizations – now face a historic choice: either create their own technological ecosystem, or accept digital periphery status,” he warned. “Foreign services may seem convenient at first, but the cost of dependency will inevitably have to be paid.”