ST. PETERSBURG, Russia

A multipolar economy is needed to reduce the risk of global economic instability caused by problems in large economies, Dilma Rousseff, a former president of Brazil and the current president of the New BRICS Development Bank (NDB), said Thursday.

Speaking at the St. Petersburg International Economic Forum held in Russia, Rousseff noted that the current system benefits only a few countries.

“The so-called developed countries or, as they are also called, the Global North, without a doubt, are not capable of providing solutions to persistent problems that the world faces at the moment,” she said.

“For this, we need a multipolar economy with new centers which could help withstand global shocks and crises. It is able to reduce the risk of global economic instability caused by problems in large economies,” she added.

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.

The organization established the New Development Bank (NDB) in 2015 to create an alternative to the International Monetary Fund (IMF) and the World Bank, as well as to support the de-dollarization of its member states.

*Writing by Emir Yildirim in Istanbul