Putin Declares BRICS as a Rising Economic Power Over G7

At the St Petersburg International Economic Forum, President Putin declared that the BRICS nations have surpassed the G7 in economic strength, highlighting a significant shift towards emerging economies. He emphasized the growing influence of BRICS in global trade and finance, particularly pointing to India's advancements in technology. Amid rising tensions with the US, Putin's remarks underscore the bloc's role as a counterbalance to Western dominance. This development raises questions about the future of global economic leadership as competition between BRICS and G7 intensifies.

By Narendra Chaudhary Jun 5, 2026, 23:56 IST

BRICS Surpasses G7 in Economic Influence

During the St Petersburg International Economic Forum (SPIEF 2026), Russian President Vladimir Putin asserted that the BRICS coalition has outpaced the G7 in economic prowess and is continuing to extend its lead. He emphasized that the global economic landscape is increasingly being shaped by emerging markets, particularly in the Global South, and claimed that BRICS nations now contribute a larger portion to global economic growth compared to their Western counterparts. According to Putin, BRICS accounts for nearly half of the world's GDP growth, while the G7's contribution is significantly lower. He stated, “The BRICS has already surpassed the G7, and this gap will only widen,” highlighting the shift of economic power towards Asia, Africa, and other developing regions.

Putin pointed to India as a vital ally, citing its rapid advancements in technology and software as a testament to BRICS's expanding influence in high-value industries. He also noted that global trade and financial transactions are gradually shifting away from traditional Western centers, with BRICS countries increasing their share of global exports and enhancing intra-bloc trade.

These comments come amid rising geopolitical tensions with the United States, where President Donald Trump has previously labeled BRICS as a threat to the US dollar and hinted at potential economic responses against the bloc. In a related statement, Putin suggested that the ongoing conflict in Ukraine might have been averted if the US political situation had been different, implying that had Trump not faced electoral challenges, the war may not have occurred. This adds a political layer to the existing strains between Moscow and Washington.

Putin's statements at SPIEF highlight Russia's ongoing advocacy for a multipolar world order, positioning BRICS as a counterweight to Western-dominated institutions. The bloc, which includes Brazil, Russia, India, China, South Africa, and several new members, is actively seeking to enhance its role in global trade, finance, and diplomacy. His remarks are expected to fuel discussions regarding the future of global economic leadership, as the rivalry between BRICS and G7 economies becomes a prominent aspect of international relations.