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  Authors

Prakash Subedi

  Keywords

Brazil Russia India China South Africa (BRICS), gross domestic product, de-dollarization, foreign exchange

  Abstract


The BRIC concept, first termed by Jim O'Neill in 2001, initially included Brazil, Russia, India, and China, later expanded to BRICS with the addition of South Africa in 2010. After 2023 this block is progressed to BRICS Plus. This article investigates the BRICS presence as a global economic power, their collective de-dollarization efforts, and their impact on the global economy. This study utilizes a comprehensive analysis of theoretical aspects, statistical data, and empirical studies available from the past. The initiatives by the BRICS nations like, the New Development Bank, currency reserve pool, de-dollarization efforts on international trade among the members signify BRICS' rise as key actors in reshaping world economic governance. Despite internal gaps, BRICS nations are progressively collaborating in the issues of economy, global governance, and international diplomacy. The article emphasizes BRICS' potential to challenge traditional global economic foundations and offers visions into policy reforms that advance economic growth and regional integration. Moreover, the narrative of BRICS as a choice to the G7, with prospects of establishing its own exchange and norms, highlights its importance in current global geopolitics. The study also reviews BRICS' attempts towards de-dollarization, evident in commitments to promote local currency finance, and initiatives for starting an international reserve currency. Through the analysis of trends in GDP growth, foreign exchange markets, and de-dollarization strategies, this article highlights BRICS' fundamental role in shaping the changing global economic order.

  IJCRT's Publication Details

  Unique Identification Number - IJCRT24A5099

  Paper ID - 261441

  Author type - Indian Author

  Page Number(s) - j893-j908

  Pubished in - Volume 12 | Issue 5 | May 2024

  DOI (Digital Object Identifier) -    http://doi.one/10.1729/Journal.39538

  No Of Downloads - 30

  Author Country - India, -, -, -, -, Science and Technology

  Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882

  E-ISSN Number - 2320-2882

  Published Paper PDF : - http://www.ijcrt.org/papers/IJCRT24A5099

  Published Paper URL: : - http://ijcrt.org/viewfull.php?&p_id=IJCRT24A5099

  Published Paper PDF Downlaod: - download.php?file=IJCRT24A5099

  Cite this article

Prakash Subedi,   ""BRICS Towards Emerging Economic Power and Shaping Global Economic Paradigms"", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.12, Issue 5, pp.j893-j908, May 2024, Available at :http://www.ijcrt.org/papers/IJCRT24A5099.pdf

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