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Liberal globalization growing obsolete while BRICS demonstrating growth — Putin

The BRICS nations account for 40% of the global economy, with their aggregate GDP reaching $77 trillion, Putin noted, adding that the Group of Seven’s aggregate GDP is only $57 trillion

RIO DE JANEIRO, July 6. /TASS/. The Western liberal model of globalization has become a thing of the past, with business activities moving to developing countries giving a strong impetus to their economic growth, Russian President Vladimir Putin said.

"The global economic system continues changing rapidly. Everything indicates that the model of global liberalization is outliving its usefulness," he told the BRICS summit via a video link. "The center of business activities is shifting toward developing markets, which gives rise to a strong wave of growth, including in the BRICS countries."

The BRICS nations account for 40% of the global economy, with their aggregate GDP reaching $77 trillion, Putin noted, adding that the Group of Seven’s aggregate GDP is only $57 trillion.

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