MOSCOW, July 8. /TASS/. The role of the BRICS and developing countries in the global economy continues to expand as the importance of the US and other Western countries is decreasing, an analyst told TASS.
"The role of BRICS countries and developing countries in the global economy continues to rise as importance of the US and Western countries in general is declining. This is a lengthy process, and the US will try its best to defend its interests," said Boris Kopeikin, chief economist at the Pyotr Stolypin Institute of Growth Economics.
According to the analyst, it will not be possible to stop BRICS and other countries by administrative measures, such as trade restrictions or sanctions.
"On the contrary, such actions would stimulate efforts to reduce dependence on Western markets and the financial system, and the very balance will gradually shift, reflecting economic and demographic realities," Kopeikin said.
"The freezing of Russian reserves has already led central banks in a wide variety of countries to increase the share of gold and reduce the share of dollars in reserves, and China's recent decision to limit rare earth exports has prompted the US to quickly lose any desire to continue its trade war with the Chinese economy," he said.
Anton Sviridenko, executive director of the Pyotr Stolypin Institute of Growth Economics, said there is a need to shape a new world balance that would take into account the interests of the US, BRICS and other countries.
"The vacuum in this area is becoming visible to the naked eye, which in itself is not very good for politicians," he said. "The world order obviously needs a new configuration. That’s exactly what was talked about in detail yesterday at the BRICS forum, where they also spoke about resetting international institutions and the UN.".