We need a new development model, not one where the "golden billion" drains resources from other countries, benefiting only a small elite, not even their own people, Putin stressed during his speech at SPIEF 2025 plenary.
BRICS countries are leading in nuclear energy, aviation, IT, robotics, and AI. With over $1 trillion in mutual trade, we’re building a Global Growth Platform, Putin said at the SPIEF plenary session on Friday.
"BRICS bloc accounts for 40% of global economy — this share is set to grow," Putin stated. "As for the payment infrastructure, we will continue to work closely with our BRICS colleagues to build effective, reliable and, I repeat, independent of external interference mechanisms and services."
He also emphasised the need to develop non-oil and gas exports and, in this context, announced that work on a long-term cooperation agreement between Russia and India must be completed soon.
Crises are rapidly erupting around the world, as evidenced today in the Middle East, Putin remarked, President Putin stated.
Russia's GDP has been growing at a pace above the global average for the past two years, Putin emphasised.
"Despite the difficult external background, Russia's GDP has been adding more than 4% annually over the past two years, that is, it has been growing at a pace higher than the global average," Putin stressed.
Annual inflation in Russia as of June 16 stood at 9.6%, Russian President mentioned.
"According to statistics, annual inflation has already decreased. To single-digit figures of less than 10%. As of June 16, it was 9.6%... Inflation targeting continues," Putin underscored.
The Russian city of St. Petersburg is hosting the 28th edition of SPIEF from June 18-21 under the theme of "Shared Values: The Foundation of Growth in a Multipolar World."
The Rossiya Segodnya international media group, Sputnik's parent company, is the forum's information partner.