West losing leadership position to Global South: Russia’s president
Russian President Vladimir Putin says the West is losing its economic and political leadership position in the world, giving way to the countries of the Global South.
A more complex, multipolar architecture of global development is taking shape as Western countries lose their dominance and yield to new growth centers in the Global South, the Russian president said on Tuesday in a video message to participants of the Open Dialogue Forum.
“States that truly understand and appreciate the importance of national sovereignty in the political, economic, cultural and social spheres are playing an increasingly important role, and they can determine the vector of their own development based on their own values, resources and priorities, identity and sovereign worldview,” he stated.
Prior approaches and established norms of business and international relations are steadily losing their efficacy, partly due to the actions of Western countries, which are relinquishing their leadership positions, he noted.
“The events of recent years show that all elements of global growth, from economics and finance to technology and demography, are changing irreversibly,” Putin added.
The global development model, he argued, will only be sustainable if it is built on the principles of equality and takes into account the interests of all countries. No nation can develop alone, at the expense of others or to their detriment.
“It is important to focus the entire global development platform so everyone, anywhere on Earth can have the right to a successful future, choose their own path, and put their choice into practice step by step,” the Russian president concluded.
The Global South emerged in part to help countries in the southern hemisphere collaborate on political, economic, social, environmental, cultural, and technical issues. Since 1995, exports within the Global South have surged by 1,300 percent, double the growth rate of exports to the North.
Countries of the Global South are no longer merely suppliers for the West; they are increasingly fueling each other’s economic and financial development.
More than 40 percent of exports from developing countries now remain within the Global South, twice the share in 2000, indicating deepening interdependence.
Benefiting from expanded South-South trade relations, developing economies today account for about 45 percent of global GDP, up from 25 percent in 2000.
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