The Russian President confirms that a group "Brix" It accounts for 40% of the global economy
Moscow, June 5, 2017 – Russian President Vladimir Putin confirmed today that the BRICS group has become one of the most prominent engines of global economic growth in light of the increasing role of emerging economies and developing countries.
Putin said in a speech before the plenary session of the Petersburg International Economic Forum that about half of the global GDP growth over the past five years was achieved thanks to the economies of the BRICS countries, while the contribution of the major industrialized countries of the Group of Seven did not exceed 18 percent, noting that the share of the BRICS countries in the global economy according to purchasing power parity amounted to about 40 percent, compared to less than 29 percent for the G7 countries.
He added that the volume of intra-trade between the BRICS countries exceeded one trillion dollars annually, stressing that the new growth centers are now seeking to chart their development paths independently and determine their economic priorities in accordance with their national interests.
On the internal level, he stressed that the Russian government aims to return to sustainable economic growth rates starting next year in conjunction with reducing inflation, which is expected to approach 5.2 percent by the end of the year, noting that the unemployment rate in Russia is 2.2 percent and is among the lowest in the major industrial economies.
In the technological field, Putin stressed that technical progress represents the decisive factor in the ongoing global transformations, stressing that Russia has achieved progress in developing digital platforms and e-commerce, which is growing by about 30 percent annually.
He pointed to the participation of more than 130 countries in the forum, reaffirming Russia’s openness to economic and technological cooperation with various partners on the basis of mutual respect and common interests.
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