Russian President Vladimir Putin announced that BRICS nations are expected to achieve a 4% GDP growth by Q4 2024. This rate surpasses the global average of 3.2%. Putin shared this during the BRICS Business Forum in Moscow. He addressed delegates and business leaders ahead of the BRICS Summit in Kazan, scheduled for October 22–24.
BRICS to Lead Global Economic Growth
During his speech, Putin emphasised that BRICS countries are driving global economic growth. The inclusion of Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia strengthens BRICS as a major global GDP contributor. This expanded membership will enhance the association’s role in global economic growth. In the coming years, BRICS is expected to significantly impact international economic developments. He stressed that BRICS will play a crucial role in the global economy, continuing to shape future developments.
Expanding BRICS Membership
Putin highlighted Russia’s commitment, as the current chair of BRICS, to support the smooth integration of new member states into the group’s cooperation mechanisms. He underscored the importance of fostering collaboration among BRICS nations to generate tangible economic benefits. Putin further mentioned key initiatives like the BRICS-Pay system and the reinsurance company aimed at facilitating cross-border economic activities.
BRICS New Development Bank
A major highlight of Putin’s address was the role of the BRICS New Development Bank, which serves as an alternative to Western development models. He explained that Russia plans to enhance the bank’s capacity to lead funding initiatives across the Global South and within BRICS. This strategic positioning will help the bank become a leading force in financing projects for developing nations.
BRICS: The Engines of Economic Development
Putin emphasised BRICS nations’ role as key drivers of global economic growth, predicting their significant contribution to future GDP increases. He stated that BRICS countries are positioning themselves as leading players in the global economic landscape. They offer an alternative development model for emerging economies.
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