BRICS outpaces West economically, says Hungarian PM

Hungarian Prime Minister Viktor Orban has said that the share of the BRICS countries in the world economy is larger than that of Western countries. 

Speaking about the recent BRICS summit in Kazan, Russia, the Hungarian prime minister said that if it had been held 20 years ago, it would not have been serious news, Caliber.Az reports, citing foreign media.

“And now the share of these countries in global economic indicators is bigger than the economy of the Western world,” Orban said.

He also announced a “summit of the Western world” - the European Policy Community - to be held in Budapest on November 7. The prime minister called the event “the biggest diplomatic event in Hungary's history.” He said more than 40 Western leaders will attend the summit to discuss Europe's problems and geopolitical changes in the world after the US election.

The summit is expected to bring together over 40 leaders from across Europe to discuss pressing issues, including Europe’s internal problems and broader global changes anticipated after the upcoming US presidential election. As Western leaders converge in Budapest, discussions will likely focus on Europe’s position amid shifting global alliances and the growing influence of economic blocs like BRICS.

On October 23, Russian President Vladimir Putin said that the share of the BRICS countries in the world economy in purchasing power parity is confidently exceeding the share of the G7 countries in 2024. The share of the BRICS states in purchasing power parity this year will amount to 36.7%, while the G7 will have a little more than 30%, taking into account that 30% was in 2023, the Russian leader said.

By Khagan Isayev