BRICS bloc poised to challenge Western financial dominance, says Brazilian economist

Renowned Brazilian economist  Paulo Nogueira Batista says the BRICS bloc is uniquely positioned to offer alternatives to the Western-led financial system.

Batista, the former Executive Director at the International Monetary Fund representing Brazil, was speaking ahead of the upcoming BRICS Summit in Brazil.

He says the bloc's growing global share gives it the weight to promote a more balanced world order.

In an interview with CGTN Radio Xu Yawen, he highlights the role of the New Development Bank and plans for a joint reserve currency.

He also sees strong potential in deeper China-Brazil cooperation, especially in local currency bond markets.

The BRICS bloc is currently composed of ten member countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. In early 2025, Indonesia also formally joined the bloc. 

IOL