https://en.sputniknews.africa/20241018/brics-poised-to-drive-global-gdp-growth-and-offer-economic-alternatives-says-trade-expert-1068755689.html
BRICS Poised to Drive Global GDP Growth and Offer Economic Alternatives, Says Trade Expert
BRICS Poised to Drive Global GDP Growth and Offer Economic Alternatives, Says Trade Expert
Sputnik Africa
The BRICS Business Forum was held in Moscow on October 17-18 in anticipation of the upcoming BRICS summit. Following the Russian president's address at the... 18.10.2024, Sputnik Africa
2024-10-18T19:09+0200
2024-10-18T19:09+0200
2024-10-18T19:09+0200
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BRICS is set to become the primary driver of global GDP growth, potentially contributing over 50% by 2030, Tanatsiwa Dambuza, an international trade expert and co-founder of the Zimbabwe Institute of African Integration, told Sputnik Africa.He highlighted the bloc’s rapid economic expansion, especially in countries like China, India, and Ethiopia, as key to this growth.Dambuza also noted that BRICS countries are prioritizing self-reliance, drawing parallels to Africa's historical struggle for independence.BRICS nations are already working towards reducing dependence on Western currencies by trading in local currencies like the yuan and rupee, a move he believes will enhance economic sovereignty.Regarding BRICS' role in Africa, Dambuza argued that the bloc offers an alternative to Western-dominated financial systems, which have historically disadvantaged the continent.The New Development Bank, introduced by BRICS, provides loans with fewer conditions than the IMF or World Bank, helping African nations develop on their own terms, the expert concluded.
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africa insight, zimbabwe, southern africa, brics, economy, new development bank (ndb), finance, west, loan, international monetary fund (imf), independence, local currency, alternative currency, gdp, economic growth
BRICS Poised to Drive Global GDP Growth and Offer Economic Alternatives, Says Trade Expert
Christina Glazkova
Writer / Editor
The BRICS Business Forum was held in Moscow on October 17-18 in anticipation of the upcoming BRICS summit. Following the Russian president's address at the plenary session, Sputnik Africa spoke with a Zimbabwean expert regarding the bloc's economic development.
BRICS is set to become the primary driver of global GDP growth, potentially contributing over 50% by 2030,
Tanatsiwa Dambuza, an international trade expert and co-founder of the Zimbabwe Institute of African Integration, told
Sputnik Africa.
He highlighted the bloc’s rapid economic expansion, especially in countries like China, India, and Ethiopia, as key to this growth.
"BRICS is going to be the driver of global GDP growth. By 2030, it could contribute over 50% of global growth," Dambuza stated, emphasizing that large populations and abundant resources in these countries further bolster this prediction.
Dambuza also noted that BRICS countries are prioritizing
self-reliance, drawing parallels to Africa's historical
struggle for independence."Self-reliance is the goal. Even when Africa was fighting colonialism, its major goal was independence, sovereignty, and self-determination," he remarked.
BRICS nations are already working towards reducing dependence on Western currencies by trading in local currencies like the yuan and rupee, a move he believes will enhance economic sovereignty.
Regarding BRICS' role in Africa, Dambuza argued that the bloc offers
an alternative to Western-dominated financial systems, which have historically disadvantaged the continent.
"BRICS is bringing in an alternative to the Western-dominated financial system, which seeks to bring about a win-win situation among Global South countries. It doesn't seek to influence our political modules in Africa," he noted.
The New Development Bank, introduced by BRICS, provides
loans with fewer conditions than the IMF or World Bank, helping African nations develop on their own terms, the expert concluded.
