The global economic centre of gravity is shifting, and Africa is increasingly being positioned as one of its biggest beneficiaries.
Speaking at the plenary session of the 29th St. Petersburg International Economic Forum (SPIEF), Russian President Vladimir Putin said BRICS nations now account for nearly half of global economic growth and are rapidly expanding their influence in trade, technology, and investment.
Putin said the bloc, which includes Brazil, Russia, India, China, South Africa, and newer members, currently represents about 40% of global GDP measured by purchasing power parity. Over the past five years, BRICS countries generated 49% of annual global GDP growth, underscoring what he described as a growing shift toward emerging economies.
"The focus of global trade, and with it the financial system, will also shift. In fact, it is already shifting," Putin told delegates, which included Tanzanian President Samia Suluhu Hassan, Uzbek President Shavkat Mirziyoyev, and Chinese Vice President Han Zheng.
According to Putin, BRICS countries have more than doubled their share of global merchandise trade since the bloc's creation and now account for almost a quarter of world exports. Trade among BRICS members has also surpassed $1 trillion.
