BRICS & the West: What to Expect in the Next Decade
- BRICS, constituting around 37% of the global GDP at purchasing power parity, holds significant economic influence.
- The potential agreement on a common currency within the next decade could expedite international de-dollarization, impacting the global economy
- Despite challenges, dense networks, continuity, and a consensus-based approach have enabled cooperative success, paving the way for future multilateral scenarios and North-South relations.
As the international community reimagines effective multilateral governance, alternative models of global cooperation become crucial. Security concerns drive the need for new frameworks, emphasizing context-driven coordination in regions like Latin America, the Middle East, and North Africa. BRICS, constituting 37% of the global GDP at purchasing power parity, holds economic influence that could reshape institutions such as the World Bank and IMF.
The potential adoption of a common currency by BRICS in the next decade could accelerate international de-dollarization, impacting the global economy significantly. The bloc, comprising Brazil, Russia, India, China, has surpassed the G7 in global GDP and accounts for 46.5% of the world's population. Despite challenges, BRICS has sustained and grown through dense networks, continuity, and a consensus-based approach. The report suggests policy scenarios for BRICS' future, exploring its expanded role in multilateralism and North-South relations.
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