BRICS and Its Contribution to Global Economic Stability

Dies Nurhayati; Muhammad Syarifuddin Ahzab; Ninik Sudarwati

doi:10.69693/jemaca.v3i1.38

Authors

Dies Nurhayati PGRI Wiranegara University
Muhammad Syarifuddin Ahzab Universitas Pgri Wiranegara
Ninik Sudarwati PGRI Jombang University

DOI:

https://doi.org/10.69693/jemaca.v3i1.38

Keywords:

BRICS, New Development Bank, South-South Cooperation, Global Financial Governance, International Economic Cooperation, De-Dollarization, Multipolarity.

Abstract

This study examines the role of BRICS in international cooperation and its contribution to global economic stability. Founded to counterbalance Western financial institutions like the IMF and World Bank, BRICS provides alternative mechanisms through the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA). Grounded in constructivism and soft power diplomacy, it promotes equality, sustainable development, and South-South cooperation. Analyzing the baseline of its five founding members—Brazil, Russia, India, China, and South Africa—before its official expansion in 2024, the bloc represented 41% of the world population and over 35% of global GDP in Purchasing Power Parity (2024). Using a qualitative descriptive literature review, this research reveals that BRICS holds significant potential to shift global economic hegemony, providing an institutional counterweight and fostering economic solidarity among emerging economies.

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