KAZAN, October 24. /TASS/. Despite the growth of GDP, the US economy is suffering from quite a number of problems, including a huge public debt, Russian President Vladimir Putin said at a press conference on the results of the BRICS Summit on Thursday.
"The Eurozone economy is teetering on the brink of recession. In the States, however, they have [economic] growth. It will be a little over three percent, 3.1-3.2%. This is not bad, actually. But still, there are enough problems there too. There is a deficit in three key areas at once: a foreign trade deficit, a balance of payments deficit, and a huge national debt of $34 trillion, I think," he noted.
The Russia leader admitted that "we also have problems."
"But we’d better not argue, not conflict with each other, but we’d better think about how to jointly resolve these issues. This is exactly what we are doing within the BRICS framework," the Russian leader said.
About summit
The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, is being held in Kazan on October 22-24. On the second day of the summit, its participants adopted the Kazan Declaration. The main topics of the document include the association’s future development, its position on global issues, settlement of regional crises, including in Ukraine and the Middle East.
The BRICS group was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining it in 2011. On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, became its full-fledged members. The Kazan summit became the first they attended as full-fledged members of the association.