Archives Economics - Page 22 of 24 - New Eastern Outlook

The dominance of the US dollar in the global economy continues to wane quietly but relentlessly as many countries actively seek other currencies. First and foremost, they are the BRICS nations of Russia, China, India, Brazil, and South Africa. Although it appeared to be only a few countries, the total population is over 3.23 billion, accounting for more than 40% of the world’s population.  Between 2000 and 2026, the BRICS population is expected to grow by 625 million people, most of them in India and China.  By 2020, the BRICS countries’ total GDP was 25% of the global (21 trillion dollars), and their share in international trade was about 20% (6.7 trillion dollars)…

For fear of a negative US reaction, Hanoi stayed out from SPIEF 2023, one of the world’s largest business forums. The 26th annual St. Petersburg International Economic Forum concluded on June 17 in Russia, with the goal of building commercial partnerships and expanding contacts with trading partners. Participants in SPIEF 2023 have begun to develop a new trust zone and a bloc of sovereignty-seeking countries eager to build bridges of understanding…

In 2022, Russian business faced…