Without the BRICS, the World Economy Will Experience 1929 All Over Again, Wrote Russia & India Report Analyst
Oct. 27, 2016 (EIRNS)—In an article in Russia & India Report (RIR) headlined "BRICS Do Not Lack Mortar: What Detractors Should Know," columnist Rakesh Krishnan Simha wrote:
"Most of the global multilateral institutions that exist today are no longer relevant. The IMF [International Monetary Fund] and the World Bank, for instance, were founded during the closing years of World War II. In geopolitical time, that’s ancient history. Similarly, the G7 appears to be on life support and the OECD [Organization for Economic Cooperation and Development] is no longer a leading organization. With the Western economies perched on monetary and budgetary cliffs, the five BRICS members provide a stable alternate force that offsets the West’s decline. Both China and India continue to experience high economic growth and are on course to become mega-economies that will completely dwarf the West in the coming decades. Beijing’s growth may have fallen under 7%, but that’s enough to add the equivalent of Holland’s national income to the Chinese GDP."
Simha pointed out that
"unlike NATO or the European Union, where the member countries have more or less the same goals and are also of the same racial stock, each of the BRICS countries is different. However, their membership of BRICS gives them a common goal—development. As emerging countries, they are focused on raising their standards of living. The fact that they are united as a group, despite such stark differences in national goals, opinions and geopolitical rivalries and even outright hostilities, points to the viability of the BRICS."