Although no single alternative to the dollar is likely, the shift away from a Western-led global order has begun.
at this week’s summit that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates would join in January 2024. Egypt and the UAE are already members of BRICS’s New Development Bank. The inclusion of Argentina, not Uruguay, which is aof the bank, was surprising. Inevitably bringing in Iran, which is under UN and other sanctions, will be the most controversial.
This first round of expansion is however only one side of the coin. How will the US and its Western allies react to a club that threatens their global dominance? Contrary to BRICS+ members, the West shares key values and is economically a much larger group than an expanded BRICS – and will be for decades. The election of someone like Donald Trump as US president in 2024 could, however, be catastrophic for the West’sThe average income in China is currently about 26 per cent of that of the US.
A forecast that compares the West’s economic size with a fully expanded BRICS+ shows that the much-talked-about de-dollarisation of the global economy will likely be slower than many think. BRICS+ will probably only surpass the West in about two decades.BRICS members are generally united in their desire to move away from the dollar-backed international financial system. When the US Federal Reserve Bank hikes interest rates, the effect can plunge smaller economies into turmoil.
Russia, under Western sanctions, is most eager to end its punishment by the West and has recently been joined by China, given the extent of China-bashing that passes for US foreign policy. Rather than offering a single replacement for the US dollar, the diversification efforts will likely increase the power of BRICS members’ national currencies. All except Brazil have established alternatives to the dollar-denominated international payment messaging system,
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BRICS Summit: Nigeria To Forge Closer Collaboration With China, Others — ShettimaVice President Kashim Shettima has said Nigeria remains committed to collaborating with China and other African countries to ensure that the partnership’s
Read more »
Iran, Saudi Arabia, UAE, three others cleared to join BRICSThe new candidates will be formally admitted as members on January 1, 2024.
Read more »
Shettima at BRICS summit: Nigeria seeking international alliance for economic investmentsVice-President Kashim Shettima says the Nigerian government is “examining variables and evaluating scope and level of regional and global cooperation to pursue in order to establish the country as a desired friend and partner.'
Read more »
Nigeria left out as BRICS admits six new members for global influence | The Guardian Nigeria News• Tinubu’s economic reforms, alliances will attract investments, says Shettima The BRICS (Brazil, Russia, India, China, South Africa), yesterday, announced expansion of the emerging countries’ bloc, with the integration of six new members, from January. Conspicuously missing, however, is Nigeria, the supposed giant of Africa. South African President, Cyril Ramaphosa, announced that Argentina, Egypt, Ethiopia, […]
Read more »
UAE, Iran, Saudi Arabia… six oil-producing countries to join BRICS in four monthsThe BRICS (Brazil, Russia, India, China and South Africa) group of nations have invited six countries to become full members of the bloc.
Read more »
Living Wellbeing | News on Health Issues, TipsGet all the latest in-depth news on Living Wellbeing from Guardian Nigeria, including comments and analysis on health issues, guide, well-being tips.
Read more »