BRICS will become economically more powerful than the G7, the Russian president said in an address to the Johannesburg summit
The US dollar is losing its global role in an “objective and irreversible” process, the Russian president told participants at the BRICS Summit in South Africa on Tuesday. Vladimir Putin spoke by via videolink, after choosing not to attend the event in person.
De-dollarization is “gaining momentum” he said, adding that members of the group of major emerging economies are seeking to reduce their reliance on the greenback in mutual transactions.
The Russian leader said the five nations – Russia, China, India, Brazil and South Africa – are becoming the new world economic leaders, and that their cumulative share of global GDP has reached 26%.
He noted that if measured by purchasing power parity, BRICS has already surpassed the Group of Seven leading industrialised nations – accounting for 31% of the global economy,…