Russian President Vladimir Putin spoke about the changing world economy during his visit to India on the occasion of the BRICS business forum. He said that new "engines of development" have emerged, replacing the old "leaders", RBC reports.
"The world is currently going through a stage of deep structural transformation. This is due to the fact that new engines of development are taking the place of the old leaders - or, let's say, the "old leaders", who were at the forefront of economic growth in the second half of the last century," Putin said.
He noted that this is a recurring trend worldwide. The Russian president pointed out that over the past five years, the BRICS countries have generated over 40% of the world's GDP, while the share of the G-7 countries was only 29%.
"If we look at the world economic growth over the same period, almost half of it was due to the countries of our union, while the G-7 accounted for only 18%," the head of state added.
The BRICS summit is scheduled for September 12-13. According to Yuri Ushakov, an aide to the Russian president, during his visit, Putin may hold talks with Egyptian President Abdel Fattah al-Sisi and a number of other world leaders.
The 18th BRICS summit in 2026 will focus on strengthening cooperation between member states and addressing key global economic, technological and environmental challenges. India's agenda places special emphasis on the priorities of countries in the Global South, innovation, digital cooperation, climate change mitigation, and sustainable development.