The rise of the BRICS countries–Brazi, Russia, India, China and South Africa–may challenge the world order and lead to the end of United States domination.
The five countries set up the New Development Bank during a recent summit in Brazil, which offers an alternative to the US-led International Monetary Fund (IMF) and World Bank.
The five countries participating in the economic cooperation forum are likely to deepen their cooperation in various fields, which may rival the dominance of the United States and G7 countries in the world.
The BRICS countries will also increase their sway if they can improve their governance, considering the fact that they account for 42% of the global population and their gross domestic product and trade volume each make up for about 20% of the world’s total.
Jim O’Neill, retiring chairperson of Goldman Sachs Asset Management, was the first to propose the notion of the BRICS group of developing nations in 2001.
At the time the British economist forecast that the BRIC countries–Brazil, Russia, India and China–would surpass Germany, France, the United Kingdom and Italy in 2050 to become the world’s sixth largest economy.
Although commentators in the Western media didn’t lend credence to the prediction, over the past decade BRIC countries have experienced rapid growth and gained clout in the international community, which may eventually serve to challenge the role of the United States as a global leader.
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