BRICS Plus: de-dollarization and global power shifts in new economic landscape

Abstract

This article examines the de-dollarization phenomenon of the BRICS Plus and its impact on global economic dynamics. The research employs analytical descriptive technique to explore the factors that influence the BRICS Plus-led de-dollarization and the results it may lead to. The study discusses the BRICS Plus strategy, considering economic and political factors, and identifies potential areas of divergent interests within the changing global landscape. The BRICS Plus’s emergence involves an interplay between economic capabilities and geopolitical influence, potentially impacting existing global power dynamics. To achieve its goals, the BRICS Plus needs to address internal differences, establish institutions, and navigate complex geopolitical situations with diplomacy. The United States faces challenges, including its diminishing economic influence, which necessitates strategic choices and diplomatic measures for adaptation. The paper proposes recommendations based on creating internal strategies to meet the BRICS Plus’s economic needs and external strategies to be designed in response to proactive economic challenges of the United States in the international context.