Global Inequality: Will The Inequality Among the Brics Nations Hinder Manoeuvring the Global Economy

Abstract

The BRICS countries: Brazil, Russia, India, China, and South Africa, including Ethiopia, Egypt, Argentina, and Saudi Arabia are emerging as key players in the global economy with significant economic growth and influence on the world stage. However, despite their economic strength, global inequality remains a pressing issue, with disparities in income, wealth, and development persisting around the BRICS bloc and the rest of the world. The BRICS countries are seen as a comforting alternative and emerging force that can play a significant role in addressing global inequality, applying collaboration to help find solutions for challenges facing the global South, and steering the global economy towards more inclusive and sustainable growth. They represent a diverse group of economies with a combined population of over 3 billion people and a significant share of the global GDP. By working together, the BRICS countries have the potential to leverage their collective strength and influence to drive positive change on a global scale. One of the key ways in which the BRICS nations can help address global inequality is through promoting inclusive economic growth and development. This includes investing in education, healthcare, infrastructure, and social safety nets to ensure that all members of society have the opportunity to benefit from economic growth. The BRICS nations are also working together to address issues such as trade barriers, financial regulation, and infrastructure development to create a more level playing field for all countries. Additionally, the BRICS nations are investing efforts using their influence to advocate for reforms in global governance institutions such as the IMF, World Bank, and WTO to ensure that the interests of developing countries are better represented and that there is greater transparency and accountability in the global economic system. While this effort seems to be significant for the Global South, there are still many challenges that must be addressed to achieve more equal and inclusive global economic growth. However, it is expected that by working together and leveraging their collective strength, the BRICS nations have the potential to play a significant role in steering the global economy towards a more equitable and sustainable future. This paper examines perspectives on how the BRICS countries could succeed in steering the global economy. Various literature and research work of eminent experts were explored to understand better the influence of the BRICS countries in driving positive and dynamic change on a global scale, as well as efforts to address global inequality.