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Unbalanced post-pandemic economic recovery aggravates inequality — BRICS declaration

According to the document, the global growth momentum has weakened, and the economic prospects have declined owing to trade fragmentation, prolonged high inflation, tighter global financial conditions

JOHANNESBURG /South Africa/, August 24. /TASS/. BRICS nations believe that an unbalanced economic recovery from the coronavirus pandemic is aggravating inequality across the world, according to the Johannesburg II Declaration adopted at the 15th BRICS Summit in South Africa.

"We note that an unbalanced recovery from the shock and hardship of the pandemic is aggravating inequality across the world," the document reads.

"The global growth momentum has weakened, and the economic prospects have declined owing to trade fragmentation, prolonged high inflation, tighter global financial conditions, in particular the increase in interest rates in advanced economies, geopolitical tensions and increased debt vulnerabilities," according to the declaration.

The BRICS group encompasses Brazil, Russia, India, China and South Africa. The group held its annual summit in Johannesburg, South Africa, on August 22-24. Leaders of 54 African countries were invited to participate in the summit.

Russian President Vladimir Putin took part in the event via video link, while Russian Foreign Minister Sergey Lavrov was onsite representing Russia in person.

South African President Cyril Ramaphosa announced after the completion of the bloc’s 15th summit in Johannesburg earlier on Thursday that Argentina, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia would join BRICS from January 1, 2024.

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BRICS BRICS summit

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