THE ECONOMIC AND GEOPOLITICAL SIGNIFICANCE OF THE BRICS NATIONS: A COMPARATIVE ANALYSIS OF THEIR GLOBAL INFLUENCE IN THE 21ST CENTURY
THE ECONOMIC AND GEOPOLITICAL SIGNIFICANCE OF THE BRICS NATIONS: A COMPARATIVE ANALYSIS OF THEIR GLOBAL INFLUENCE IN THE 21ST CENTURY
Author: Moch E.
Journal: East African Journal of Business and Economics
Volume: 7, Issue 2
Published: 16 October 2024
This study explores the evolving global role of BRICS—Brazil, Russia, India, China, and South Africa—and evaluates how the group shapes economic and geopolitical structures in the 21st century. The research highlights BRICS as an emerging counterweight to Western-led institutions, especially in finance, trade, and global political influence. Milestones such as the New Development Bank (NDB) demonstrate the bloc’s ambition to reform global governance and provide alternatives to traditional Western financial systems.
Despite these advances, the study emphasizes significant internal challenges, including major differences in political systems, economic capacity, and strategic priorities among member states. External pressures—especially geopolitical tensions with the G7, global competition, and shifting alliances—further complicate meaningful collective action. These internal and external factors limit the bloc’s ability to project consistent global leadership.
The paper also examines the future direction of the bloc through the lens of BRICS+, an expansion initiative aimed at integrating additional Global South countries. This enlargement reflects BRICS’ intention to strengthen its geopolitical influence and reshape international power balances. The research suggests that deeper economic and political integration is necessary for BRICS to achieve sustainable development goals and improve its collective bargaining power.
Methodological limitations—such as uneven macroeconomic data quality and time-related constraints—are acknowledged. The study concludes by proposing strategies for enhancing internal cooperation and identifies new research directions regarding BRICS’ evolving governance role and its impact on an increasingly multipolar world order.
