The development of infrastructure in European countries and the US has stopped, unlike the BRICS countries and the global South as a whole, said Deputy Head of the Presidential Administration of the Russian Federation Maxim Oreshkin at a presentation session as part of the open dialogue “The Future of the World. A New Platform for Global Growth“ at the national center “Russia“.
“We are implementing very large infrastructure projects: from the Northern Sea Route and the Trans-Arctic Transport Corridor, which is being implemented by Russia; to China's grand initiative “One Belt, One Road“, which includes the implementation of a huge number of infrastructure projects around the world, the construction of large ports and railways, and the development of trade relations. In fact, if you look at it this way, in the so-called economies of Europe or the United States, infrastructure development has practically stopped. The number of new projects being implemented is minimal“, Oreshkin noted.
According to him, the process of infrastructure development is also underway in other regions of the world. All infrastructure development is now concentrated in the global South, in the BRICS countries. “This is where the largest projects are being implemented, new cities are emerging“, he added.
Oreshkin pointed to India as one of the countries whose economy will develop at a very rapid pace in the coming decades. “Here we are in Moscow today.“ A city with, according to various estimates, 12-13 million inhabitants. India will have to build about 30 such cities practically from scratch over the next few decades to reach at least the world average level of urbanization. Do you understand what the volume of investments is, what the volume of the need for new investments is?“ - said Oreshkin.
The countries of the global South have the greatest potential for economic development and urbanization, he emphasized.
“The largest circle on this map is, of course, India. The birth rate here is approximately 23 million children per year. Nigeria - 8 million, Pakistan - another 7 million per year. Ethiopia is also one of the largest countries in size and rapidly developing in terms of population, which has enormous potential for development“, added Oreshkin.
According to him, new leaders of economic development will emerge in the world.
“China is the largest economy in the world, Russia is the fourth largest economy in the world by purchasing power parity.“ Yes, our countries - Russia and China - will continue to develop, but not as quickly as they did 20-30 years ago. “New leaders will come to their place, both in terms of dynamics and in terms of contribution to global growth”, concluded Oreshkin.