He criticized the spurious actions that Western countries are implementing to regain economic leadership.
On Friday, Russian President Vladimir Putin highlighted the economic potential of the BRICS group, which accounted for nearly half of global growth over the past five years.
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“If we talk about the global economy growth… almost half comes from the countries in this union. The G7 accounts for only 18%,” Putin said while speaking at the business forum held in New Delhi.
Regarding global gross domestic product, he specified that more than 40% corresponded to BRICS countries, while the G7’s contribution was only 29%.
Putin highlighted that the advantage of BRICS is that it imposes neither national nor corporate restrictions and is willing to cooperate with all its partners, unlike Western powers.
“Our common goal is to develop the potential of BRICS for the benefit of our countries and peoples. To strengthen the mechanism of practical and business cooperation, the so-called business diplomacy,” the Russian president said, adding that industrial production in the eurozone fell 8%, “which is a lot for them.”
Putin: ‘I Don’t Understand Why They’re Called The Big Seven’
The President points to the rapid development of #BRICS nations which have “huge, dynamic” markets driving growth, which have produced 40% of the world’s GDP, while the so-called ‘big seven’ nations made only 29% pic.twitter.com/K2pwaym3kr
— Russian Embassy in South Africa
“The world is going through a phase of profound structural changes. This is related to the fact that, instead of the old leaders, let’s call them that — those who were at the forefront of economic growth during the second half of the century — new engines of development are emerging,” he said.
“Our Western competitors are trying to regain their former leadership by any means at their disposal. This competition sometimes takes inappropriate forms… Moreover, these improper forms are manifested at the state level,” Putin denounced.
He then pointed out that Russia’s adversaries destroy logistical or industrial facilities, gas pipelines or oil pipelines; attempt to block transportation corridors; seize ships and impose arbitrary sanctions.
Putin highlighted that the Russian economy grew 10.3% over the past three years, more than the global average, despite being subjected to more than 30,000 sanctions, “almost twice as many as the entire world combined.”
“We have strengthened national sovereignty and developed our ties with reliable and predictable partners. In just four years, the geography of our trade ties has changed radically,” he said.
teleSUR/ JF
Source: EFE
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