BRICS is looking to overpower the US and Europe by putting local currencies ahead of the dollar for trade. The alliance kick-started the de-dollarization initiative convincing developing countries to end reliance on the US dollar. The global financial order remains on a slippery slope this year with weak macroeconomic factors affecting the sector. On the heels of the BRICS de-dollarization threat, the US is facing calls for a recession which could also affect Europe. If a recession hits both the US and Europe, BRICS and other developing countries could benefit the most.
BRICS is looking to overpower the US and Europe by putting local currencies ahead of the dollar for trade. The alliance kick-started the de-dollarization initiative convincing developing countries to end reliance on the US dollar. The global financial order remains on a slippery slope this year with weak macroeconomic factors affecting the sector. On the heels of the BRICS de-dollarization threat, the US is facing calls for a recession which could also affect Europe. If a recession hits both the US and Europe, BRICS and other developing countries could benefit the most.
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