Recent statements from Russia's finance minister highlight a significant increase in the financial assets of BRICS countries, underscoring their influence on the global economy.
BRICS and its financial assets
Russian Finance Minister Anton Siluanov announced that the total financial assets of BRICS countries have surpassed $60 trillion. At a meeting in Rio de Janeiro, he noted that the population of the Global South comprises nearly 70% of the world's total population, with their share in global GDP approaching 60%.
*"The total volume of financial assets reached more than $60 trillion, that is, over 50% of the global level."*
New Financial Architecture
The minister emphasized the importance of increasing investments in infrastructure. He stated that a new approach is needed to attract capital, including the use of digital financial assets. Siluanov also highlighted the significance of the New Development Bank (NDB), historically serving as a financial tool for new investments and projects in BRICS countries and the Global South.
The Future of BRICS and Global Challenges
Siluanov also discussed the need to build a strong financial market and infrastructure with seamless capital flows. He pointed out the risks associated with increasing inequalities and stressed the necessity for active cooperation in new technologies, such as artificial intelligence. In upcoming meetings, BRICS leaders will also address the organization's responses to current global challenges and trade disputes.
BRICS countries continue to grow their financial assets and influence on the global economy, necessitating new strategies and approaches to investment and financing.
