ST. PETERSBURG, June 7. /TASS/. As hegemons try to hold on to the world of old, a race between countries seeking to strengthen their sovereignty is developing, Russian President Vladimir Putin said in an address to the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"We can see that a real race has begun between countries seeking to strengthen their sovereignty, which is taking place at three key levels related to government activities, values and culture, and the economy," Putin noted.

"Notably, the countries that used to be the leaders of global development are now trying to do their best to preserve their elusive hegemony by hook or by crook," he added.

According to the Russian leader, there is nothing wrong with a country or a person trying to maintain and strengthen their position. "However, it’s not right to do that by hook or by crook," Putin noted.

The Russian president pointed out that China had clearly become the world’s number one economy, leaving number two in its dust. In his words, India is the world’s third economy and is growing faster than any other country. "The countries of South Asia and Africa are making their presence more and more felt as they boast high birth rates and a still low urbanization level, as well as quick, catch-up economic growth," he stressed.

Putin stated, citing expert estimates, that countries like those would start determining the global economic picture as early as in the middle of the century.