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BRASILIA: Prime Minister Narendra Modi on Thursday raised the issue of terrorism at the 11th BRICS Summit here and said the menace has resulted in the loss of $1 trillion to the world economy.

Addressing the BRICS Plenary Session at the iconic Itamaraty Palace in the presence of the Presidents of Brazil , China, Russia and South Africa , PM Modi said that terrorism is the biggest threat to development, peace and prosperity.

"According to some estimates, the economic growth of developing nations has decreased by 1.5 per cent due to terrorism," he said, adding that the scourge has caused $1 trillion loss to the world economy.

Leaders of Brazil, Russia, India, China and South Africa on Thursday opened the 11th BRICS Summit where deliberations took place on key areas such as trade, investment and counterterrorism.

