BRICS: Powerful or Powerless?

The BRICS nations of Brazil, Russia, India, China, and South Africa are gaining influence and power across the world as they gain member states, threatening the hegemony of Western alliances. The nations met from August 22nd to the 24th and are set to double their numbers as they invited Iran, Saudi Arabia, the United Arab Emirates, Argentina, Egypt, and Ethiopia. Once considered an afterthought in terms of international groups, BRICS is starting to gain ground as it increases its size and power, and as the US economy continues to battle inflation.

Many of these countries want to wean themselves off the US dollar and the dominance of the US economy, advocating for a BRICS currency. The group represents 40 percent of the world’s population and a quarter of its economy and may be a better alternative to Western economic groups like the Group of 7 for less developed countries. However, the countries all have different goals for their own expansion and have differing views on global issues which may cause some internal strife and weaken their power.

China and Russia both favor expansion of the group, as China wants to shore up its influence abroad and Russia needs more allies as it struggles with Russia’s war with Ukraine. India and Brazil, however, already have strong alliances with developed countries and favor a slower process of inviting countries. South Africa, the smallest and maybe weakest of the group, wants to include more African countries to the group.

Russia’s economy has been on a downward spiral since the start of its war with Ukraine, with hundreds of thousands of people fleeing the draft and a coup attempt and it has largely stayed afloat because of its allies in the east, such as China and Iran. China’s economy is also spiraling out of control as their aging population continues to be a problem and their youth unemployment rate keeps on increasing, compounding their economic issues as deflation starts to hit the country. India still has major border problems with China, who continues to encroach on India’s lands, but is on the rise, as India’s population keeps increasing and its economy is the fifth largest in the world. Brazil is also struggling with a slowing economy and internal political unrest, but Lula da Silva, the new president of Brazil, can hopefully turn it around. South Africa, on the other hand, still struggles with its role between the East and the West, especially because of the Ukraine war, but it is definitely leaning towards Russia and China.

Therefore, these countries may look strong on the outside but they are all facing problems on the inside, and will ultimately further their own goals before helping each other. Their attempt at forming a BRICS currency has largely failed, even as they try to wean off the US dollar, and their disparate goals have continued to create problems internally. China continues to push for moving to the Chinese Yuan, but India, as the world’s largest population, still has problems with China and wants to flex its power now. Russia, still tangled up in the Ukraine war, has many more domestic problems to deal with before it can even give attention to BRICS; President Vladimir Putin couldn’t even attend the BRICS summit in person because of his outstanding warrant for crimes against humanity (South Africa would have an obligation to arrest him).

The newly invited nations also have plenty of issues within their own borders and beyond. Once one of the world’s fastest growing economies, Ethiopia has slumped in recent years due to a civil war. Iran and Saudi Arabia were once sworn enemies a few months ago, and may still have a fragile alliance as they try to band together against the U.S. Argentina’s inflation rate has gone over 100 percent, with 43 percent of people not being able to afford basic commodities like food, according to the Economist.

However, these countries still have an extreme influence over the world economy and if they can band together and unite their goals, they could start to rival the Western economies. Brazil, Iran, South Africa, Saudi Arabia, and Ethiopia have an abundance of natural resources at their disposal and China is the biggest export economy in the world, ready to ship these resources out. Iran has already started selling oil to China at a discounted price, helping both countries thrive.

As of this moment, these countries do not have the power yet to challenge the West, as they still rely heavily on Western aid and resources, largely from the U.S.. However, if they can unite more and become a geopolitical group as well as an economic group, then they may stand a chance at decreasing their dependence on the West. Ultimately, the West, and more specifically the U.S., need to start taking notice of these groups and better take care of these countries or they will continue to move closer and closer to Russia and China, allowing them to thrive rather than just survive.

Nick Costantino