Opinion: new global alliance creates architecture of the future
A new ‘great seven’ of developing countries – including Brazil, India, Indonesia, China, Mexico, Russia and Turkiye – surpassed the ‘old great seven’ in terms of GDP in purchasing power parity back in 2014. Mikhail Kovalev, Doctor of Physics and Mathematics, Professor at the Belarusian State University’s Economy Faculty, explained how the global economic alliance will be redistributed and grow further.
“The BRICS term was coined by Goldman Sachs’ analyst, Jim O'Neill, in 2001. He then predicted that Brazil, India, China, Russia and South Africa would overtake the G7 in terms of the size of the economies. This has already happened and, taking into account Algeria, Iran, the UAE, Egypt, Saudi Arabia, Bahrain and other countries that have joined BRICS or are undergoing this process, the second pole of the world – led by China – is now slowly but surely shifting the United States from its dominant position. It is clear that Belarus will announce its intention to join BRICS in the near future. The new global alliance creates the architecture of our future world, and so far it is impossible to predict the form of rivalry between the so-called American ‘democratic’ world and the Chinese Community of Common Destiny for Mankind. It may be a kind of cold war with special military operations, or China can come up with a softer form of global coexistence based on mutual trade, tourism and competition in technology,” Mr. Kovalev said.
