Prime Minister Narendra Modi on Thursday raised the issue of terrorism atthe 11th BRICS Summit here and said the menace has resulted in the loss of USD1 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, Prime Minister 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 percent due to terrorism," he said, adding that the scourge has caused USD 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 are taking place on key areas such as trade, investment, and counter-terrorism.