Post
Topic
Board Economics
Merits 2 from 2 users
Re: New currency from BRICS countries
by
lizarder
on 22/07/2023, 03:10:23 UTC
⭐ Merited by skarais (1) ,erep (1)
You should not underestimate India, although they are not comparable to Russia and China economically and technologically. But they have the second largest population in the world and will soon surpass China, so they also play an important role in product consumption as well as an abundant labor force. It can be said that the future of BRICS is quite bright if they do not disagree internally on any issues.
It is not meant to belittle, but economic power can affect the geopolitical conditions of each country and look further at how the conditions of countries that do not have economic power are treated. The population size does not affect whether or not developing countries and in fact a large population will hinder economic processes from running perpendicularly, unskilled work or labor will only be needed differently in other countries and in their own country it is not certain that they will get a decent job.

India cannot be equated with China which has developed so much and China's economic power is so strong because they control several products to the Asian market, China is also strong in terms of technology and many scientists who were born there have succeeded in creating miracles that have never been discovered by other countries.

Breaking USD dominance is not easy as it has maintained that position for the past 100 years, but not impossible. Nothing lasts forever, the fact that many countries have eliminated the dollar in international trade in recent years is showing that the dollar is gradually losing its position.
Not talking about the possibility or not, but the opportunity to reach the dollar domination stage will be difficult to break in the near future. Even though many countries have eliminated the dollar in international trade, the power of the dollar is still very strong and this is proof that breaking the domination of the dollar is not something easy. Optimism is indeed important for some countries that have joined the BRISC, but they need to strengthen their economy first to compete under any conditions.