maaxx.ca

Bisnis.comSOLO – There are rumors that the BRICS countries are creating a new currency that could disrupt the dominance of the US dollar.

It is believed that the plans of the member countries of the BRICS will demolish the dominance of the dollar WE in international trade. So what are the BRICS?

BRICS is short for Brazil, RussiaIndia, China, and South Africa. Goldman Sachs economist Jim O’Neill first coined the term BRIC (without South Africa) in 2001. Africa did not enter until 2010.

Jim O’Neill thinks the BRICs will dominate the global economy by 2050.

O’Neill of Goldman Sachs noted in 2001 that the BRIC countries needed to grow faster than the Group of Seven (G7) which is made up of the world’s seven most advanced economies.

It can be said that the BRIC is a counterpoint to the G7 group which was formed by developed countries including Canada, France, Germany, Italy, Great Britain, the United States and Japan.

In the document “Building a better BRIC economy”, O’Neill presented his point of view on the potential of the BRIC countries.

Then in 2003, Roopa Purushothaman and Dominic Wilson (O’Neill’s colleague at Goldman Sachs) presented a report entitled “Dreaming with BRICs: The Path to 2050”.

They both claim that by 2050, the BRICs will outgrow the G7 and change the outlook for the global economy in four decades.

In another report, “BRICs and Beyond” (published in 2007), Goldman Sachs focused on the growth potential of the BRICs, the sustainability of their growth and their impact on the environment.

Can the BRICS currency take the US dollar by storm?

Some observers are assessing whether this could actually happen. According to the Economic Times, the BRIC itself is an association made up of large countries.

So, if the BRICS members have a single currency, they can really beat the US dollar.

Check out other news and articles on Google News