President Putin says figures reflect ‘structural, deep, profound shifts’ in global economy ⁰

Russian President Vladimir Putin has said financial figures reflect “structural, deep, profound shifts” in the global economy as world continues to lose trust in US dollar hegemony.

Speaking on Friday at the BRICS Business Forum Leaders’ Session in New Delhi, India, Putin said the figures reflect “structural, deep, profound shifts” as the world is increasingly losing confidence in the American financial model.

Putin highlighted the BRICS’ mission to expand its sphere of influence and gain a bigger share of the global market.

He said BRICS mission is to grow and criticized abortive attempts by the United States and its allies to preserve US’ imminent decline, pointing out that the loss of trust in the US Dollar is accelerating its decline as a global hegemonic power, replaced by a multipolar world.

Putin said the “Old Leaders” of the global economy are being replaced by new engines of growth.

The Russian president said the BRICS countries are now driving global economic growth in the emerging multipolar world and they are rapidly expanding their economic activities through large domestic markets, rapid urbanization, and increased trade.

He said economic competition between BRICS and the West has turned into state level rivalry as countries compete for economic influence.

Putin emphasized the importance of energy and supply routes in this rivalry between BRICS and the West.

He said these two have become a key focus point amid the escalated geopolitical tensions.

Stronger economic partnerships are key to global growth, he pointed out, reminding that expanding business ties and long-term partnerships are essential to strengthening the existing bonds between BRICS members states and their global partners.

Putin is on a three-day visit to India to attend the 18th BRICS summit.