Emily
Editor, Senior Moderator
https://internationalbanker.com/fin...-play-a-crucial-global-economic-role-in-2023/
Why the BRICS Bloc Will Play a Crucial Global Economic Role in 2023
December 20, 2022
One of the clearest trends the world witnessed in 2022 was the accelerating eastward shift in global economic power. Much of this migration was initially achieved through the continued strengthening of the Shanghai Cooperation Organisation (SCO). With significant progress being made by the BRICS group of five major emerging economies—Brazil, Russia, India, China and South Africa—in terms of joint policy coordination and with several other economies showing clear signs of interest in joining the increasingly influential bloc, 2023 looks set to be the BRICS bloc’s most impactful year within the global economic and geopolitical landscape.
China is the clear economic powerhouse of the BRICS nations. Nominally the world’s second-largest economy—and the overall global economic leader when accounting for purchasing-power parity—China’s expansion and rapidly growing economic influence throughout the world will prove hugely significant for global economic development in 2023. Given its ostensibly unshakeable alliance with neighbouring BRICS member Russia, moreover, the two nations are already leading the way in offering the world a major counterbalance to Western political unions, such as the G7 (Group of Seven). And with India, Brazil and South Africa all having deep diplomatic and economic ties with either China, Russia or both, the BRICS collective is now becoming increasingly aligned across a number of important issues...
...
Why the BRICS Bloc Will Play a Crucial Global Economic Role in 2023
December 20, 2022
One of the clearest trends the world witnessed in 2022 was the accelerating eastward shift in global economic power. Much of this migration was initially achieved through the continued strengthening of the Shanghai Cooperation Organisation (SCO). With significant progress being made by the BRICS group of five major emerging economies—Brazil, Russia, India, China and South Africa—in terms of joint policy coordination and with several other economies showing clear signs of interest in joining the increasingly influential bloc, 2023 looks set to be the BRICS bloc’s most impactful year within the global economic and geopolitical landscape.
China is the clear economic powerhouse of the BRICS nations. Nominally the world’s second-largest economy—and the overall global economic leader when accounting for purchasing-power parity—China’s expansion and rapidly growing economic influence throughout the world will prove hugely significant for global economic development in 2023. Given its ostensibly unshakeable alliance with neighbouring BRICS member Russia, moreover, the two nations are already leading the way in offering the world a major counterbalance to Western political unions, such as the G7 (Group of Seven). And with India, Brazil and South Africa all having deep diplomatic and economic ties with either China, Russia or both, the BRICS collective is now becoming increasingly aligned across a number of important issues...
...