The BRICS countries' influence on the global economy is growing as their membership grows, with cooperation with Africa playing an increasingly important role, according to Zimbabwe's state Herald newspaper.
"One of the most evident effects of BRICS’ impact expansion is the gradual weakening of the US dollar and its replacement in global trade settlements. Other effects expected in the near future are the increasing food security in the BRICS territories, replacement of Visa and Mastercard payment providers, and gradual refusal from SWIFT and CHIPS in international payments. Therefore, BRICS has a considerable effect on global economic affairs and conducts an active transformation of the global economic landscape by undermining the set Western order," the Herald wrote.
According to the viewpoint cited in the newspaper, "BRICS […] has become an organization capable of challenging Western economic dominance and building a new economic paradigm based on multipolarity [...]."
The article emphasized that BRICS currently represents 32% of the world's GDP (exceeding $27 trillion), 18% of global trade, and 25% of foreign direct investment. It also highlights the anticipated 4.5% growth of the BRICS economy in 2024.
More importantly, the article pointed out the group's move to stop using the dollar for international transactions. This de-dollarization strategy, promoted by BRICS, could considerably weaken the United States, which has relied on the dollar's dominance to exert influence in the global economy, according to the author.
The report highlighted BRICS's growing engagement in Africa, driven by ongoing financial crises in developed nations. These challenges motivate BRICS to invest more in emerging economies to enhance profitability and mitigate risks. Additionally, Africa offers a market of over a billion potential consumers, along with an expanding middle class.