BRICS Nations Emerge as Global Economic Powerhouses at SPIEF

BRICS countries, now contributing 40% of global GDP in purchasing power parity, are recognized by Russian President Vladimir Putin as key players in the global economy. At SPIEF, leaders highlighted advancements in high-tech exports and called for a fairer global economic system driven by emerging markets.

At the 29th St. Petersburg International Economic Forum, Russian President Vladimir Putin emphasized the growing influence of BRICS nations, which now account for nearly half the global GDP growth in recent years. BRICS' share of global GDP stands at 40% in purchasing power parity terms.

Highlighting technological advancements within the bloc, Putin pointed to BRICS' rising dominance in high-tech exports, lauding contributions from China in AI patents, India's software sector, and Russia's digital innovations. He remarked that BRICS' economic advances are making the world fairer by empowering previously marginalized populations.

Uzbekistan's President, Shavkat Mirziyoyev, discussed deepening technological ties with Russia, while Tanzanian President Samia Suluhu Hassan underscored Africa's economic potential. Chinese Vice President Han Zheng called for a more equitable global governance structure, as the forum explored emerging markets' transformative impact on the global economy.