Combined, BRICS nations account for over 40% of the world’s population and about a quarter of global GDP
Jakarta, IO – The BRICS group, whose name is derived from original members Brazil, Russia, India, China and South Africa, represents a significant geopolitical and economic coalition, with the potential to challenge Western hegemony. As emerging economies with substantial global influence, BRICS countries are poised to reshape the global power structure, historically dominated by Western nations, particularly the United States and the European Union.
One of the most compelling indicators of BRICS’ potential is its economic might. Combined, BRICS nations account for over 40% of the world’s population and about a quarter of the global GDP (World Bank, 2023). This economic power is not just in terms of GDP, but also in their substantial natural resources, burgeoning middle classes, and increasing technological advancements. China’s rapid economic growth has already positioned it as the second-largest economy globally, with predictions suggesting it might surpass the United States within the next decade (International Monetary Fund, 2023). India is also enjoying robust economic growth, and is projected to become the world’s third-largest economy by 2030 (Goldman Sachs, 2023).
In addition to economic strength, BRICS countries are investing heavily in technology and innovation. China and India are making significant strides in the fields of artificial intelligence, space exploration and renewable energy. These technological advancements not only bolster their economies but will also augment their geopolitical clout. The New Development Bank (NDB), established by BRICS, aims to mobilize resources for infrastructure and sustainable development projects in member countries and other emerging economies, thus offering an alternative to Western-dominated financial institutions like the World Bank and the International Monetary Fund (BRICS, 2023).
Moreover, BRICS member nations are leveraging their collective political influence, to push for a truly multipolar world order. They have consistently advocated for reforms in global governance structures, including that of the United Nations Security Council, to better reflect current global realities. For instance, both India and Brazil are strong candidates for permanent seats on the Security Council, a change that would significantly alter the current Western-dominated setup (Stuenkel, 2020).
However, the BRICS coalition faces considerable challenges in its quest to balance out Western hegemony. One significant issue is the internal diversity and differing national interests of its member states. While China and India are rising economic powerhouses, their geopolitical rivalry, particularly over border disputes, poses a risk to BRICS’ unity (Pant, 2020). Similarly, Brazil and South Africa have their own regional priorities and economic challenges, which may not always align with the broader BRICS agenda.
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Furthermore, the political and economic systems within BRICS countries vary widely, ranging from democratic governance in India and Brazil to more autocratic systems in China and Russia. These differences can lead to conflicting approaches to global issues, hindering the coalition’s ability to present a united front. Additionally, external pressures, particularly from the United States and its allies, aim to counterbalance BRICS’ influence, through strategic partnerships and economic policies (Kim, 2021).
In conclusion, and despite these challenges, BRICS continues to grow in importance on the global stage. Its potential to challenge Western hegemony lies in its ability to leverage economic growth, wield technological advancements and political influence. While internal diversity and external pressures are issues to confront, continued collaboration and strategic alignment among BRICS nations can lead to a more multipolar global landscape, taming the dominance of Western powers.
Sekarsari Sugihartono I am an international relations master’s student at Gadjah Mada University. My interests are SDGs and International Trade Disputes.