Russian President Vladimir Putin used his address at the 29th St Petersburg International Economic Forum (SPIEF) on Friday (5 June) to argue that the global economy is undergoing a significant transformation, with emerging economies and the Global South playing an increasingly prominent role in driving growth.
Speaking during the forum’s plenary session, Putin said, “The world is transitioning to a distributed, more comprehensive multipolar system,” describing what he called a shift in economic activity towards new centres of development.
He argued that demographic growth, expanding middle classes, industrialisation, and infrastructure investment are reshaping the global economy, adding that “the world is becoming more equitable, fairer because economic growth is extending to a growing number of countries.”
Highlighting the role of the BRICS grouping, Putin said “almost half” of global GDP growth over the past five years had come from BRICS countries, compared with 18% from the G7. He also stated that BRICS now accounts for around 40% of global GDP measured by purchasing power parity, while the G7’s share is below 29%.
According to Putin, “BRICS has already overtaken the G7”, adding that the gap between the two groups continues to widen.
Throughout the address, Putin framed these trends as evidence of a broader shift towards a more multipolar global economy, while also outlining Russia’s priorities in areas including technological sovereignty, infrastructure development, national currency settlements, regional investment, and deeper economic cooperation with emerging markets and Global South partners.
ℹ️ Kremlin
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