By Ologeh Joseph Chibu
The economy of Western Europe is on the decline, raising greater prospect for BRICS Nations.
The Russian President, Mr Vladimir Putin on Thursday noted that BRICS has surprised the G7 Western economic bloc in terms of prospect and even actuality.
Putin spoke at the Russian Energy Week forum in Moscow, Russia, September 26, 2024.
RT reported Putin saying leading Western economies have entered an era of irreversible decline, as BRICS nations and those cooperating with the group become the main drivers of global growth.
RT reported Putin saying a new multipolar development model is being formed, which will lead growth through the 21st century, “concentrated neither in Europe, nor in North America.”
He said the “powerful” pillars of Western economies will make their slowdown a lengthy process, the president acknowledged, adding that they are still “losing their positions among the world economics.”
“Major growth will be concentrated… in the BRICS nations and those countries that would like to join our group – those that see the prospect of equal partnership that takes national interests into account.”
RT reported thay Back in 1992, the countries that later comprised BRICS accounted for just 16% of global GDP, but their share now surpasses that of the G7, Putin noted.
RT quoted the World Bank, that the group’s cumulative GDP based on purchasing power parity amounted to more than 35% the global total as of 2023. The G7 group of wealthy nations accounts for 29% of global GDP.
BRICS intends to create an effective development platform free of external interference. Putin said BRICS planned creation of an independent payment and settlement system to facilitate foreign trade between group members. “Friendly nations” already account for 90% of Russia’s energy exports, the president added.