Putin says BRICS is shaping a new global economic order

Russian President Vladimir Putin used a speech at the BRICS Business Forum in New Delhi on September 11, 2026 to argue that the bloc is assuming a decisive economic role as global power balances shift.

Putin told delegates that the world is undergoing significant structural change caused by the rise of new growth engines alongside established powers. "At the moment we are witnessing a phase of deep structural changes. They are driven by the emergence of new engines of growth alongside the 'old' leaders — those who were at the forefront of economic expansion in the second half of the last century. Of course, when I say 'old' I use the term in a broader sense. We all know and understand what is meant," he said.

BRICS growth, resilience and friction with the West

In his address Putin emphasized that BRICS countries have increased their share of world output: "Over the past five years, BRICS countries account for more than 40 percent of global GDP," he said, contrasting that with the G7's share of "only 29 percent." He attributed the BRICS advance to dynamic domestic markets and rapid urbanization.

Putin also accused Western competitors of attempting to regain lost dominance by unfair means. "We were constantly told that competition is sacrosanct — that it must not be interfered with. But, unfortunately, our Western competitors are now trying in every possible way to return to their former leading position. Today, that competition sometimes takes rather indecent forms," he said, warning that such tactics can extend to state-level actions: "Attempts are being made to block international transport corridors and seize maritime vessels; moreover, illegal restrictions are being introduced, accompanied by threats of so-called secondary sanctions against those who refuse to act in the interest of others and instead defend their national interests," he added.

Turning to Russia's own economy, Putin said structural reforms had strengthened resilience. He presented recent macro figures as proof: "In the period from 2023 to 2025 GDP grew by 10.3 percent, and unemployment fell to 2.3 percent — which for us represents a historic low," he said. He also highlighted approval for large technology projects and the adoption of artificial intelligence, autonomous systems, digital platforms and modern financial instruments, stressing that many of those solutions are homegrown or developed together with BRICS partners.

Putin closed by urging BRICS members to harness the group's potential for the benefit of their populations while stressing that the association does not seek isolation and is open to cooperation on trade, agriculture and food security, services, the digital economy and innovation.

Photo: press material from the event