Putin: BRICS will support global economic growth

Russian President Vladimir Putin said that the BRICS group will be responsible for the majority of global economic growth in the coming years due to its size and relatively rapid growth compared to the growth of developed Western countries.

Putin hopes to build the BRICS group, which has expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates in addition to Brazil, Russia, India, China and South Africa, into a counterweight to the West in global politics and trade.

According to CNBC, the Kremlin leader is scheduled to host the BRICS summit in the Russian city of Kazan from October 22 to 24.

Putin told officials and businessmen at the BRICS Business Forum in Moscow: “The countries in our group are essentially the engines of global economic growth. In the foreseeable future, BRICS will be responsible for the main increase in global GDP.”

Putin added: “The economic growth of BRICS members will depend less on external influence or interference, and this is essentially economic sovereignty.”

Russia wants other countries to work with it to reform the global financial system and end the dominance of the US dollar.