The period of dominance of Western countries in the global economy is over, its centre of gravity is shifting from the West to the Asia-Pacific region.

Axar.az reports that Prime Minister of Hungary Viktor Orban said this.

"We are experiencing a cyclical change in the global economy, an event that can happen every 500 years. The dominance of the West has ended. We have recognized that there are bigger and stronger countries than us in our global trading system. The centre of gravity of the global economy - money and profit - is shifting from the West to Asia. The core of the global economy is no longer transatlantic, but in the Trans-Pacific region," said Orban.