Shifts in the global economy are not painless – Kommersant
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Russian Finance Minister Anton Siluanov believes that changes are taking place in the world. He spoke about the research of economist Ray Dalio that during a change of formations – when some countries “slow down” and new ones take their place – political exacerbations always occur.
“Now the situation is absolutely the same, a truly turning point, when countries with developing economies have already overtaken the G7 countries in terms of potential. This transformation is not painless. We see what restrictions and sanctions they are trying to restrain China and Russia – these are the consequences of a paradigm shift,” said Mr. Siluanov “RIA News”.
According to the minister, Western sanctions lead to negative consequences for everyone. At the same time, he noted that the Russian economy has survived. In 2023, growth was 3.6%. Industrial production grew by 3.5%, real disposable income by 5.4%.
The BRICS emerging economies will unite before enlargement in 2024 overtook G7 on contribution to global economic growth. Brazil, Russia, India, China and South Africa are expected to account for 33.6% of growth by 2028.
Read more about the BRICS contribution in the Kommersant article “Ahead of the developed”.
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