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What impact will the BRICS countries have on the global economy?

Каково влияние стран БРИКС на мировую экономику?

To begin with, let's recall that BRICS is an economic bloc consisting of nine countries: Brazil, Russia, India, China, South Africa, as well as new members who joined in 2024: Egypt, Iran, the UAE, and Ethiopia.

Initially, Argentina was expected to be one of the countries joining BRICS at the start of 2024. However, after the election of the new president Javier Milei, the country has ultimately decided against joining this group. It's worth noting that Saudi Arabia, which received an invitation to become a member, has also not yet taken that step.

Despite lacking the status of a formal international organization, BRICS continues to hold summits and expand economic cooperation aimed at supporting stable development and enhancing the influence of Global South countries on the world stage.

Why does BRICS matter?

As mentioned earlier, the coalition is not a formal organization but rather a loose bloc of non-Western economies that coordinate economic and diplomatic efforts around a common goal. BRICS countries aim to create an alternative to what they perceive as the dominance of Western perspectives in major multilateral groupings such as the World Bank, the Group of Seven (G7), and the UN Security Council.

The expansion of the group has several geopolitical implications. It reflects the growing economic and demographic weight: the nine BRICS countries now account for over a quarter of the global economy (the bloc's total GDP is estimated to be over 35% of the world) and nearly half of the world's population (over 3.5 billion people). It is important to note that these figures are approximate and may vary depending on the source. The group has the potential to influence the shape of the global economic system, the competition between China and the West, as well as efforts to transition to clean energy.

The growing membership also brings new challenges, including increased pushback from Western countries and disagreements within the bloc. Experts suggest that how BRICS members manage this tension will determine whether the group can become a more unified voice on the global stage.

The significance of the bloc on the world stage may further expand, considering that in August of this year, Azerbaijan announced its intention to join. Additionally, Cuba, Malaysia, Turkey, and several other countries are also interested in joining the bloc.