BRICS countries drive global economic growth in emerging multipolar world: Putin

This photo taken on Oct. 20, 2024 shows a view of the Kazan Kremlin in Kazan, Russia. Kazan is the capital city of Russia's Republic of Tatarstan. (Xinhua/Ding Haitao)

MOSCOW, Oct. 23 (Xinhua) -- BRICS is driving global economic growth as the world transforms to a multipolar system, Russian President Vladimir Putin said Wednesday in a speech at the 16th BRICS Summit in Kazan.

"World trade and the global economy as a whole are undergoing significant changes," Putin said, adding that business activity is shifting to emerging markets.

However, risks remain due to geopolitical tensions and the growth of unilateral sanctions and protectionism, Putin said, noting that this results in the fragmentation of international trade and investment.

"The average growth of the BRICS economies in 2024-25 will amount to 3.8 percent, according to preliminary estimates, with an increase in global GDP by 3.2-3.3 percent," Putin said, adding that by the end of 2024, BRICS countries will account for 36.7 percent of the global GDP in terms of purchasing power parity, surpassing the Group of Seven.

He said that in this context, BRICS countries show stability due to responsible macroeconomic and financial policies.

"A key task is to promote the use of national currencies to finance trade and investment," Putin said. He stressed that using the U.S. dollar as a political weapon generally erodes trust in the currency and weakens its effectiveness.

The Russian leader stressed that the leading role of BRICS in the global economy will likely strengthen due to factors like population growth, capital accumulation, urbanization, increased labor productivity, and technological innovation.

The Russian president also mentioned topics such as BRICS cooperation and ongoing cooperation projects in agriculture, healthcare, energy, transport, and artificial intelligence among other sectors.