{"id":4105,"date":"2026-07-13T14:51:19","date_gmt":"2026-07-13T11:51:19","guid":{"rendered":"https:\/\/bricsmagazine.com\/en\/?p=4105"},"modified":"2026-07-13T14:51:21","modified_gmt":"2026-07-13T11:51:21","slug":"bric-acronym-creator-alternative-to-the-dollar-no-longer-looks-like-a-fantasy","status":"publish","type":"post","link":"https:\/\/bricsmagazine.com\/en\/main-issue\/agenda\/brics-plus-news\/bric-acronym-creator-alternative-to-the-dollar-no-longer-looks-like-a-fantasy\/","title":{"rendered":"BRIC Acronym Creator: Alternative to the Dollar No Longer Looks Like a Fantasy"},"content":{"rendered":"\n<p><em>Illustration: Visual Capitalist\/Voronoi, based on IMF World Economic Outlook forecasts.<\/em><\/p>\n\n\n\n<p>Jim O&#8217;Neill, the economist who coined the term BRIC, told <a href=\"https:\/\/www.reuters.com\/world\/americas\/brics-alternatives-dollar-no-longer-fantasy-economist-oneill-says-2026-07-06\/\">Reuters<\/a> that the idea of BRICS countries creating their own financial alternative to the dollar has stopped looking like a fantasy.<\/p>\n\n\n\n<p>According to him, what changed his view was progress in payment technologies over the past year and a half: before that, he would have called such a scenario unrealistic. Now, O&#8217;Neill believes, BRICS countries have room to discuss their own financial instruments and alternatives to dollar-based infrastructure.<\/p>\n\n\n\n<p>At the same time, the economist takes a fairly sober view of the bloc&#8217;s track record. In his words, over the years of its existence BRICS has achieved more in terms of symbolic weight than concrete practical results. The main real institutional achievement, he says, is the creation of the New Development Bank.<\/p>\n\n\n\n<p>Among the initiatives being discussed within the bloc is the BRICS Pay platform, as well as the idea of linking already existing national payment systems: India&#8217;s UPI, China&#8217;s CIPS and Brazil&#8217;s PIX. In addition, the potential future use of central bank digital currencies is being considered.<\/p>\n\n\n\n<p>O&#8217;Neill also announced the launch of a new non-profit analytical platform, BRICS+ Thinking. It will commission research on bringing the West and BRICS+ countries closer together, and will develop its own indexes and growth forecasts for the bloc&#8217;s economies.<\/p>\n\n\n\n<p>O&#8217;Neill&#8217;s ironic tone doesn&#8217;t change the main point: Western interest in BRICS isn&#8217;t declining \u2014 it&#8217;s becoming more substantive. This is reflected both in the launch of the new analytical platform and in his remark about how much more visible the grouping has become on the US political agenda:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#171;I joke that I never recall any American presidents of the preceding 25 years even mentioning the BRICS. And Donald Trump can&#8217;t shut up about them.&#187;<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>Notably, back in 2013 Jim O&#8217;Neill gave an <a href=\"https:\/\/bricsmagazine.com\/en\/main-issue\/context\/five-surprises-ahead\/\">interview<\/a> to BRICS Business Magazine in which he said the following:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#171;&#8230;the growth rate of the BRIC nations will slow this decade as they won&#8217;t be able to sustain the growth rates of the past decade, but anyone who expected them to do so has probably not thought carefully about such matters. It is very unlikely that they could sustain such growth.&#187;<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>Well, it can be said that the economist turned out to be only partly right. Growth did indeed slow compared to the booming 2000s, but the BRIC countries haven&#8217;t disappeared from the world&#8217;s economic map \u2014 on the contrary, they have held onto, and in some cases strengthened, their weight.<\/p>\n\n\n\n<p>Over the past 12 years, from 2013 to 2025, India more than doubled its real GDP: growth of about 105%, or 6.2% a year on average. China nearly doubled its economy: growth of about 97%, or 5.8% a year on average. Russia added roughly a fifth \u2014 about 19%, or 1.4% a year on average. Brazil grew by a little more than a tenth \u2014 about 12%, or 0.9% a year.<\/p>\n\n\n\n<p>By comparison, US GDP over the same period grew by about 34%, on average 2.5% a year, while the EU economy grew by about 21%, or 1.6% a year.<\/p>\n\n\n\n<p>The illustration shows what the world&#8217;s leading economies look like today by two different metrics \u2014 nominal GDP and GDP by purchasing power parity. All four original BRIC economies rank in the top ten by nominal GDP: China 2nd, India 6th, Russia 9th, Brazil 10th. By PPP-adjusted GDP their positions are even stronger: China ranks 1st in the world, India 3rd, Russia 4th, Brazil 8th.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illustration: Visual Capitalist\/Voronoi, based on IMF World Economic Outlook forecasts. Jim O&#8217;Neill, the economist who coined the term BRIC, told Reuters that the idea of BRICS countries creating their own financial alternative to the dollar has stopped looking like a fantasy. According to him, what changed his view was progress in payment technologies over the [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":4106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1042],"tags":[],"country":[],"authors":[],"class_list":["post-4105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brics-plus-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BRIC Acronym Creator: Alternative to the Dollar No Longer Looks Like a Fantasy - BRICS Business Magazine - EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bricsmagazine.com\/en\/main-issue\/agenda\/brics-plus-news\/bric-acronym-creator-alternative-to-the-dollar-no-longer-looks-like-a-fantasy\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BRIC Acronym Creator: Alternative to the Dollar No Longer Looks Like a Fantasy - BRICS Business Magazine - EN\" \/>\n<meta property=\"og:description\" content=\"Illustration: Visual Capitalist\/Voronoi, based on IMF World Economic Outlook forecasts. 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