Putin’s G7 swipe goes viral: BRICS claims 40% of world GDP as the West’s power slips away on display

Vladimir Putin used his BRICS address to declare that the world's “old leaders” are being replaced by new engines of economic growth. The Russian president said BRICS states produced more than 40% of global GDP over the past five years, compared with 29% for the G7, while blaming Western sanctions for debt, deficits and industrial decline. Putin also argued that over 30,000 sanctions had failed to break Russia, instead strengthening its economic sovereignty. With India, China and other BRICS powers expanding their influence, is Putin declaring that the West's era of global economic dominance is ending?