MOSCOW, January 30. /TASS/. The balance of power in the global economy is now changing rapidly, with new leaders emerging, including China, India, and Russia, VTB President and Chairman of the Management Board Andrey Kostin said.
"We can all see how the balance of power in the global economy has been changing over the past decades. If we look back 20 or 30 years, countries such as China and India perhaps did not play a significant role in the global economy. Today, however, they are leaders of economic growth. China, in terms of purchasing power parity, is now the world’s number one economy, having overtaken the United States. India is developing rapidly. And the balance is shifting sharply," Kostin noted.
"Today, the majority of global gross domestic product is already produced by countries of the South and the East — what we previously referred to as developing countries. Therefore, the process is entirely objective: shifts are taking place in the global economy, and new leaders are emerging. The share of these new countries, these new leaders — which of course include Russia and the BRICS countries — is now quite different from what it was before," he added.
At the same time, Kostin noted that there have been no major changes in the global financial system over recent decades. "It took shape in the postwar period. The so-called Bretton Woods system was based on the global dominance of the US dollar, which played an overwhelming, leading role in international settlements, savings, and the reserves of many states," he noted.