Putin says BRICS replacing ‘old leaders’ as engines of global growth

Russian President Vladimir Putin on Friday said the traditional economic powers that drove global growth in the second half of the 20th century were being replaced by new engines of growth, pointing to the rising economic weight of BRICS countries and their growing contribution to the global economy.

Addressing the BRICS Business Forum in New Delhi, Putin said BRICS countries had accounted for more than 40 per cent of global GDP over the past five years, compared with 29 per cent for the G7.

He said more than half of global economic growth during the period had come from BRICS countries, while the G7 had contributed only 18 per cent.