ST. PETERSBURG, June 5. /TASS/. Economic growth rates in BRICS countries are higher than those of the Group of Seven (G7) nations and will continue to rise further, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF-2026).

"BRICS leadership is increasing. According to forecasts, this ratio will continue to shift further in favor of BRICS. The question is: why is this happening? What is taking place? It is happening because economic growth rates in BRICS countries will remain consistently higher. They are higher now -- and they will become even higher. This trend will persist," the Russian leader pointed out.

He noted that data from international institutions confirm this widening gap in economic development.

"G7 countries achieve at best 1.5% annual growth by the end of this decade, while BRICS countries will average more than 4%. Ladies and gentlemen, dear friends, we did not invent this. These are IMF, World Bank, and other international institutions’ data. They are compelled to report it themselves," Putin said.

According to the president, business is more interested in regions with more dynamic development and prospects for increasing production and sales. "Therefore, the focus of global trade, and along with it the financial system, is shifting. It is already shifting, and this trend will continue. For many years, main flows of goods, capital, and information passed through a limited number of Western infrastructure hubs. Even when goods moved from one Eurasian country to another, settlements, logistics, insurance, and arbitration relied on third-country institutions. This created additional costs and political dependence," Putin added.