BRICS nations will lead new wave of global growth: Vladimir Putin

MOSCOW: Russian President Vladimir Putin said the BRICS countries are on course to lead a new wave of global growth.

"The main growth will not be concentrated in Europe and North America, which are gradually losing their positions in the world economy, but in the BRICS countries," Putin said at the seventh forum of Russian Energy Week 2024 here on Thursday.

BRICS is a grouping of leading emerging economies, including Brazil, Russia, India, China and South Africa, which has now grown to include four more nations--Egypt, Ethiopia, Iran and the United Arab Emirates.


Officials from over 50 countries are participating in the forum's events, with a focus on "energy cooperation in a multipolar world".

The Global South, Putin said, will lead the rest of the world in terms of pace of growth. "These are, first of all, the countries of South and Southeast Asia, as well as Africa," he said.

At a meeting of the BRICS energy ministers, Russian Energy Minister Sergei Tsivilev stressed the need for a unified BRICS energy strategy.

The BRICS countries currently dominate the global coal market with a high share of global production and consumption. "Now the countries of the association account for more than 40% of global oil production, as well as about 40% of global consumption of petroleum products," Tsivilev said.

(The reporter is in Moscow at the invitation of Roscongress for Russian Energy Week 2024)