The global economic landscape is undergoing a significant shift, with new power centers emerging to challenge the traditional dominance of the G7 nations. This was the key message delivered by Maksim Oreshkin, the deputy head of President Vladimir Putin’s administration, at the 28th annual St. Petersburg International Economic Forum (SPIEF 2025). Oreshkin noted that the “Big Seven” is no longer the driving force behind global growth, and is being replaced by new growth hubs in the Global South and East.
The SPIEF 2025, which will run for three days, will focus on key economic issues in Russia and the broader multipolar world. The event will feature 19 business dialogue sessions involving Russia and major international partners, including Africa, Brazil, and the United Arab Emirates. Additionally, discussions will take place between the Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN), highlighting the growing importance of these regions in the global economy.
According to Russian presidential aide Yuri Ushakov, the event will attract 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, further emphasizing the significance of the forum.
The Kremlin has previously stated that the G7 has “lost its relevance” as it no longer reflects current global economic dynamics. Instead, the G20 is seen as a more representative format, as it includes fast-growing economies such as China, India, and Brazil. As spokesman Dmitry Peskov noted, “The G20 better reflects the economic locomotives of the world.”
This shift in global power dynamics has also been acknowledged by US President Donald Trump, who stated that removing Russia from the G8 was a mistake. Trump argued that Russia’s presence could have helped prevent the Ukraine conflict, and has previously expressed his desire to see Russia return to the group.
As the global economy continues to evolve, it is clear that new power centers are emerging to challenge the traditional dominance of the G7 nations. The SPIEF 2025 provides a platform for international leaders to discuss key economic issues and forge new partnerships, highlighting the growing importance of cooperation and collaboration in the multipolar world. With its diverse range of participants and comprehensive agenda, the forum is set to play a significant role in shaping the future of the global economy.
