Putin takes aim at ‘so-called G7’, says BRICS countries produce over 40 per cent of world GDP

Hailing the contribution of BRICS member states to the world economy Russian President Vladimir Putin on Friday took potshots at G7 and said the BRICS countries account for more than half of the worlds population and have dynamic vibrant domestic marketsPresident Putin who was addressing BRICS Business Forum here also slammed sanctions on Russia over war with Ukraine and said more than 30000 sanctions have been slapped on Russia which is twice as much as the number of all sanctions against all other countries of the world combinedPresident Putin had bilateral meeting with Prime MInister Narendra Modi on Friday ahead of the formal opening of 18th BRICS Summit on Saturday In his remarks at the BRICS Buiness Forum Putin described G7 which includes richest industrialised countries Canada France Germany Italy Japan the United Kingdom and the United States as socalled G7Over the last five years more than 40 of the worlds GDP has been produced by the BRICS countries where the contribution of the socalled G7 the Great 7 I dont know why they call that stands at only 29 Speaking about the growth of the world economy over the same period we see that more than half of that growth has been accounted for by BRICS whereas the G7 has only accounted for 18 Why is that he saidThe answer is simple BRICS countries account for more than half of the worlds population and that is why they have a great dynamic vibrant domestic markets he added Putin slammed US sanctions against Russia and also a bill in the US about possible sanctions on countries including India that import oil from his countrySometimes competition is taking some ugly forms This ugly form is something we see even at the State level at the government level Sometimes the measures resorted to are of physical nature when pipelines are being destroyed when attempts are undertaken to block international transport corridors to seize maritime vessels illegal restrictions are applied and there is also the threat of socalled secondary sanctions against those who do not want to follow someone elses interest and rather look after their own he saidMore than 30000 sanctions have been slapped on Russia which is twice as much as the number of all sanctions against all other countries of the world combinedAgainst this difficult backdrop Russia has been working actively and Russia has managed to achieve great success We have reinforced our national sovereignty we are developing ties with reliable predictable partnersDuring the last three years the economic growth in Russia has been superior to the world average he addedPuttin said the world is undergoing structural deep profound shifts It is explained by the fact that the socalled old leaders which used to be the vanguard of economic growth in the second half of the 20th century are being replaced by new engines of growth When I say old this is just a formality all of us understand what we are talking about he saidThese socalled old leaders are still in possession of great strong suits and welldeveloped infrastructure technological advantages scientific advantages scientific schools and so on and so forth Thats sad this isnt the nature of things This isnt the nature of humanity and the nature of economy The world is always changing he addedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever