The global system must pivot away from neocolonialism, which enabled the 'golden billion' to siphon resources for the elites, the Russian president says

The world needs a new development model that is not based on the principles of neocolonialism and is resilient to political manipulation, Russian President Vladimir Putin has said. 

Speaking on Friday at a plenary session of the St. Petersburg International Economic Forum, Putin stated that throughout the past several decades, the so-called 'golden billion' has been pumping out resources from other nations to benefit the interests of a narrow circle of elites. He pointed to the example of the US, saying the country's "super incomes" never actually reached ordinary citizens or the middle class.

The Russian president insisted that changes in the political sphere should be reflected in the people's quality of life, in education, science, and infrastructure. He called for a "fundamentally new development model, one that is not built on the rules of neocolonialism."

He stressed that this model should be "free from political manipulation" and "focus on the needs of citizens."

Putin added that the old mechanisms of the globalization era have outlived their usefulness, and there isn't even an effort to modernize them. Instead, it is now necessary to create a new model, taking into account the national interests of all states, he said.

The Russian president stated that the global economy is already undergoing its biggest transformation in decades, with the balance of power shifting and BRICS emerging as a leading force.

Putin went on to say that BRICS now accounts for 40% of the global economy, and that this share will only grow given the rise of the Global South.