Global financial institutions must be required to stage a reform if they are to be responsive to the challenges borne by developing countries, president of the host nation of the 15th annual Brics Summit, Cyril Ramaphosa, said on Tuesday. “We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies,” he said.
In contrast, the GDP contribution of the G7 nations – Canada, France, Germany, Italy, Japan, the UK and the US – has dropped to 30.7% and has effectively been strong-armed by Brics. Speaking about the Brics bloc outpacing the G7, Brazilian President Luiz Inácio Lula da Silva said developing nations will be the driving force of global economic growth in coming years.