Has BRICS given up on challenging Western economic dominance?

Al Jazeera

February 22, 2026

AI-Generated Deep Dive Summary

Jim O’Neill, the economist who popularized the term "BRIC" 25 years ago, has argued that the BRICS group—comprising Brazil, Russia, India, China, and South Africa—is losing its relevance. Once seen as a potential challenger to Western economic dominance, the coalition has faced challenges due to differing political agendas among its members. O’Neill suggests that while the U.S.’s economic policies may contribute to its decline, the rise of China and India is complicating the group’s ability to challenge Western institutions like the World Bank and IMF. The BRICS nations were initially viewed as a united front aiming to reduce reliance on the U.S. dollar and challenge the dominance of Western economic institutions. However, internal divisions have weakened their collective influence. O’Neill highlights that each member has distinct priorities, making it difficult to align on common goals. For instance, while China and India are rising economic powers, Russia’s actions, such as its involvement in Ukraine, have drawn international condemnation, further isolating the group. Despite these challenges, BRICS continues to explore alternative financial mechanisms, like the New Development Bank, to reduce dependence on Western institutions. However, O’Neill questions whether this initiative will gain enough traction to challenge the global economic order effectively. He also points out that the U.S.’s economic policies, coupled with China and India’s rise, may inadvertently drive its decline, but this does not necessarily mean BRICS will emerge as a stronger alternative. This matters because the balance of global economic power is shifting, and the role of BRICS in shaping the new order remains uncertain. While the group’s relevance may be waning, its efforts to challenge Western dominance highlight broader tensions in international economics and geopolitics. For readers interested in global affairs, understanding BRICS’ trajectory offers insights into how power dynamics are evolving and what this means for the future of international cooperation and competition.

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Originally published on Al Jazeera on 2/22/2026