Geneva, Sept. 16 -- Highlighting the rapid rise of emerging economies and the shifting global balance, United Nations Secretary-General Antonio Guterres on Wednesday called for a mandatory "redistribution of power" and comprehensive overhauls of the UN Security Council and the Bretton Woods system.

Addressing a query regarding the role of expanding economic blocs like BRICS in supplementing or altering global governance, the UN chief pointed out that existing multilateral institutions no longer reflect modern geopolitical and economic realities.

"The world is changing, and we are seeing the emergence of new powers. And today, if one looks at the global economy, every single day the percentage of developed countries in global GDP diminis...