G7 ‘no longer engines of growth'
The G7 nations are no longer the engines of global growth as new power centers are emerging, Maksim Oreshkin, the deputy head of President Vladimir Putin's administration, has said. Oreshkin delivered the comments on Wednesday as he moderated a session at the 28th annual St. Petersburg International Economic Forum (SPIEF 2025), which will run for three days and focus on key economic issues in Russia and the broader multipolar world.
'The shifts we see today are the result of structural changes in the global economy,' he stated. 'Power centers are changing. The so-called 'Big Seven', which hasn't been 'big' for a long time, is being replaced by new growth hubs,' he added, pointing to the rise of countries in the Global South and East.
This year's SPIEF will host 19 business dialogue sessions involving Russia and major international partners, including Africa, Brazil, and the United Arab Emirates. The agenda also features discussions between the Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN).
Russian presidential aide Yuri Ushakov said the event will draw officials from 50 countries and around 20,000 participants from 140 nations, including the US.
Russian President Vladimir Putin is expected to deliver a keynote address at the plenary session on June 20.
The Kremlin earlier this year said the G7 had 'lost its relevance' as it no longer reflects current global economic dynamics. Spokesman Dmitry Peskov pointed to the G20 as being a more representative format, noting it includes fast-growing economies such as China, India, and Brazil. 'The G20 better reflects the economic locomotives of the world,' he said.
At the most recent summit of the G7 in Canada, US President Donald Trump stated that removing Russia from the group, which was called the G8 at the time, was a mistake, arguing that its presence could have helped prevent the Ukraine conflict. The US leader had previously said he would 'love' to see Russia back in the group.
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