BRICS Bloc in Light of International Economic Challenges: A Study of Reality and Dimensions

Abstract

Originality/value: The BRICS bloc is one of the most important international economic blocs that plays an important role in the global economy, so most of them are moving towards obtaining an economic position that is commensurate with their natural capabilities and capabilities. Russia, India, China and South Africa, represent the emerging economies of the world, and these countries aim to overcome the hegemony of the US currency as a global reserve, and the BRICS group constitutes more than a quarter of global GDP and more than 16% of global trade and about 30% of the land area and 44% of the world's population and more than 40% of the world's energy production. Purpose: The study is aimed at knowing the formation of the BRICS bloc as an emerging economic force within its economic dimensions, showing the international economic system of the BRICS countries and their ability to confront international economic institutions, and analyzing the economic indicators of each member country to know the economic size of each country. Theoretical framework: the study has relied on the deductive approach starting from real constants in collecting data and facts, as well as adopting the descriptive analytical method in studying the international economic system and the economic components of the BRICS countries within its economic dimensions.  Design/methodology/approach: it is proved that the BRICS contingent reserve arrangements to protect against global liquidity pressures, which include currency issues, have affected the members’ national currencies negatively due to global financial pressures. The economy is unstable and needs these potential reserves. The problem of the study emerges from certain questions including how strong the international economic system for the BRICS countries is and whether these countries were able to overcome global economic crises within their economic dimensions. Research,  Practical  &  Social implications: The study hypothesized that the BRICS countries have tremendous economic power as a result of building their international financial system, which they established, which enabled them to overcome the global financial crisis, unlike most countries in the world that were under the brunt of this crisis, and this is a clear indication of the success of this bloc and prove its hypothesis. In connection with the value of the study, it reflects that the BRICS countries occupy an important position in the international economy as a rising economic power through their economic nature and strategic position, in addition to the great economic capabilities that these countries possess, and this was an invitation to establish this bloc, which is a successful economic step in the face of international economic financial institutions. Finding: The most prominent findings of the research are that the presence of China in this bloc added a powerful and insignificant force to it as a result of its economic strength, which is the second largest economy in the world, and the economic strength of the BRICS bloc has led to increased economic development and the formation of a strong economic union that faces all the challenges that the bloc is exposed to.