TFIGlobal
TFIGlobal
TFIPOST English
TFIPOST हिन्दी
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
No Result
View All Result
TFIGlobal
TFIGlobal
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

BRICS Expansion: Implications for Global Economic Balance

Vedica Singh by Vedica Singh
July 3, 2023
in Europe
BRICS Expansion: Implications for Global Economic Balance
Share on FacebookShare on X

The BRICS group (Brazil, Russia, India, China, and South Africa), which includes the world’s largest emerging economies, has been a driving force in restructuring the global economic landscape. Recent talk of BRICS expansion raises serious questions about its impact on the balance of the global economy, given their combined economic power and growing influence. This article examines the potential consequences of BRICS expansion and the factors influencing and challenging its impact.

Development of the BRICS countries

Since its creation in 2009, the BRICS bloc has become a significant player in the global economy. The combined GDP of these five countries is an integral part of the world economy, and their population is an important consumer market. Over the years, the BRICS countries have cooperated on several fronts, including trade, investment, and development initiatives, challenging the traditional dominance of the West.

Also Read

India Becomes the World’s Fourth Largest Economy: A Big Leap Towards ‘Viksit Bharat @2047’

IMF and the West once again come out in support of terrorism, give Pakistan $2.4 bn aid

Trump to wage economic war against BRICS?

China for expansion of five-country BRICS : The Tribune India

Expansion of BRICS membership

​​Expanding BRICS membership to include other influential emerging economies has gained momentum in recent years. Potential expansion candidates countries such as Indonesia, Turkey, Mexico, and others have significant economic potential and regional importance. The accession of new members would strengthen the bloc’s economic weight and expand its geographical representation, thus strengthening its influence on the balance of the world economy.

Impact on global economic power

a) Changing economic focus: The accession of new BRICS members will accelerate the ongoing change in global economic focus from the West to the East. This harmonization would further challenge the traditional dominance of Western economies and lead to a more multipolar world.

b) Trade and investment opportunities: Expanding the BRICS countries would create new trade and investment opportunities for the member states. Increased trade between the BRICS countries can reduce dependence on Western markets and create a more balanced and diverse global trade network.

c) Geopolitical influence: An enlarged BRICS bloc would strengthen the geopolitical impact of its member states and enable them to pursue their interests on the global stage. This could lead to a realignment of global alliances and power dynamics.

Challenges and limitations

a) Different economic priorities: potential challenges may arise due to the financial stresses and stages of development of potential BRICS members. Harmonizing policies, regulations, and standards may prove difficult, hampering the bloc’s cohesion and effectiveness.

Burning Issue] BRICS and its relevance in today's world - Civilsdaily

b) Governance and decision-making: Expanding the BRICS bloc would require restructuring the current governance and decision-making mechanisms. Balancing the interests of new and existing members with maintaining efficiency and engagement can present significant challenges.

c) Competition and cooperation: The expansion of the BRICS countries can lead to increased competition between member states in specific sectors. However, proactive collaboration and sharing of information and resources could mitigate potential conflicts and promote a cooperative approach.

Effect on the balance of the world economy

a) Reforming the Multilateral System: An enlarged BRICS bloc could significantly influence international institutions such as the IMF and the World Bank, leading to a fairer and more representative global economic order.

b. Diversification of global economic relations: Expanding the BRICS countries would provide an alternative option for countries that want to diversify their economic partnerships beyond traditional Western countries. This would lead to a more balanced and inclusive global economy.

Tags: BRICSEast vs WestGDPGlobal EconomyIMFMarket TradeWorld Bank
ShareTweetSend
Vedica Singh

Vedica Singh

Columnist, TFI Media. Seeker. Opinionated. Life long student.

Also Read

Germany readies for military conscription as media reports say German public wants to take on Russia

Germany readies for military conscription as media reports say German public wants to take on Russia

May 26, 2025
Why Are Knife Attacks Spiking in Germany?

Why Are Knife Attacks Spiking in Germany? The Pattern No One Wants to See

May 24, 2025
Trump Threatens 50% Tariff on EU Imports, Sparking Concerns

Trump Threatens 50% Tariff on EU Imports, Sparking Concerns

May 24, 2025
Telegram founder to prove EU and France interference in Romania? As Simion wants election results nullified

Telegram founder to prove EU and France interference in Romania? As Simion wants election results nullified

May 22, 2025
French Report Warns of Muslim Brotherhood’s ‘Subtle Threat’ to National Cohesion

French Report Warns of Muslim Brotherhood’s ‘Subtle Threat’ to National Cohesion

May 22, 2025
Tommy Robinson’s Fight for Truth and Freedom in Britain

Tommy Robinson’s Fight for Truth and Freedom in Britain

May 21, 2025
Youtube Twitter Facebook
TFIGlobalTFIGlobal
Right Arm. Round the World. FAST.
  • About Us
  • Contact Us
  • TFIPOST – English
  • TFIPOST हिन्दी
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy

©2025 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIPOST English
TFIPOST हिन्दी

©2025 - TFI MEDIA PRIVATE LIMITED

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.