The economic-financial paradigm of the BRICS (BRICS plus) economies with reference to developed G7 economies

Abstract

The economic-financial paradigm of the BRICS and BRICS Plus economies, along with the G7 economies, forms the academic framework of this paper, covering past, present, and future perspectives. The topic can be briefly summarized as an examination of the past, current, and projected states of the BRICS and BRICS Plus economies, encompassing ten member states (Brazil, Russia, India, China, and South Africa, along with recent additions-Saudi Arabia, Egypt, Ethiopia, Iran, and the United Arab Emirates), compared with developed G7 economies. The primary goal of this study is to present various scenarios by examining current and future economic growth, development, population, and GDP. The gradual yet steady multi-decade erosion of the U.S. dollar as the primary reserve currency, alongside the chronic stability/instability of non-traditional reserve currencies, is highlighted as an indication of de-dollarization. The study incorporates diverse analyses from the IMF, World Bank, Goldman Sachs, and other respected institutions and sources. A SWOT analysis serves as the culmination of the research findings, providing a concrete contribution to this field. The significance of this study on emerging economies is presented through strengths, weaknesses, opportunities, and threats.