BRICS gaining ground: Putin speaks of a turning point for the global economy

Russian President Vladimir Putin stated that BRICS now accounts for 40% of global GDP in purchasing power parity and contributed to 49% of global economic growth over the past five years. At the St. Petersburg International Economic Forum, he highlighted that intra-BRICS trade has exceeded $1 trillion and the group represents more than one third of global high-tech exports. Leaders from Tanzania, Uzbekistan, and China attended the event.