15th Brics Summit 2023. Image: Twitter/BRICSza
Economist: The US economy is expected to remain the biggest
BRICS Summit has sparked a lot of discussion about an economy that is no longer dependent on the dollar, the economist enlightens us on that.
15th Brics Summit 2023. Image: Twitter/BRICSza
Even though the completion of the BRICS Summit has sparked a lot of discussion about an economy that is no longer dependent on the dollar, an economist predicts it will still be some time before the US currency is no longer significant.
Jacaranda FM reported, according to Dawie Roodt, an economist with the Efficient Group, “the world Changes. In the future, we’re probably going to see the Indian economy getting bigger than the Chinese economy or the Chinese economy getting bigger than the American economy.”
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Roodt explains how the economy thing works
Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia were among the six new countries welcomed into the family by the original member countries, Brazil, Russia, India, China, and South Africa.
Powerhouse Saudi Arabia’s inclusion fueled even more de-dollarization rumors.
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If this is the strategy, according to Roodt, it will take some time before the US currency completely loses its dominance.
The US or the American economy, is still the largest in the world and is expected to hold that title for a considerable amount of time.
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The American dollar will continue to be the most significant reserve currency for a while, but eventually that will change as well. Nevertheless, he continued, “I don’t think the Americans have anything to worry about, at least in the short term.”
What other things happened in BRICS summit?
The summit came to an epic end on Thursday with the adoption of the Johannesburg II Declaration and the acceptance of six additional countries after three days of intense deliberations. Saudi Arabia, Iran, Argentina, Egypt, Ethiopia and the United Arab Emirates will become full BRICS members in January 2024.
