BRICS to Weaken the Dominance of the IMF and World Bank?
Recent months have shown one reality that many thought was impossible: the BRICS collective of nations has undoubtedly shifted global political power. Yet, as the story is still unfolding, could the BRICS nations weaken the dominance of the IMF and World Bank? This year, the BRICS bloc has already surpassed the G7 nations in GDP (PPP). Subsequently, as it takes aim at the international dominance of the US dollar, the shifting power balance is an interesting observation. Consequently, the IMF and World Bank could be the next powers to be usurped. BRICS Threatening IMF and World Bank Source: Center for Global Development The BRICS countries are a collective of nations comprised of Brazil, Russia, India, China, and South Africa. Moreover, the bloc’s first official summit took place all the way back in 2009, with its first meaningful integrative steps coming in 2014. Then, the entity launched its New Development Bank, supporting seed money of $50 billion. The developme...