Global Economy Centers Shifting to Asia-Pacific and Eurasia: Russian Deputy PM Novak

ST. PETERSBURG, June 4. /TASS/. The centers of the global economy are shifting toward the Asia-Pacific region and Eurasia, Russian Deputy Prime Minister Alexander Novak said at SPIEF.

"There are several major challenges that we see today. The first concerns the changing structure of the global economy, with the center of the global economy shifting primarily toward the Asia-Pacific region and Eurasia, and the figures confirm this," he said.

According to Novak, the share of BRICS countries in the global economy has already surpassed that of the G7.

"While 30 years ago the Group of Seven accounted for 45% of global GDP and BRICS countries for around 22%, today the share of BRICS countries has already risen to 40%. Meanwhile, the share of the Group of Seven has fallen to below 30%. This gap is widening," the deputy prime minister noted.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.