Putin at BRICS: 'Old Leaders' of Global Economy being replaced by new engines of growth

Addressing the Leaders' Session of the BRICS Business Forum in New Delhi, Russian President Vladimir Putin said the world is undergoing structural shifts as new engines of economic growth emerge alongside established economies. He said BRICS nations accounted for more than 40% of global GDP over the past five years, compared with 29% from the G7, and that BRICS contributed more than half of global economic growth in the same period versus 18% from the G7. Putin attributed this to BRICS countries' large combined population and strong domestic markets.

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