BRICS economic integration: Prospects and challenges

Abstract

Amid the evolving global economic landscape, the BRICS nations (Brazil, Russia, India, China, and South Africa) have emerged as proponents of economic multilateralism, challenging traditional paradigms of economic governance and integration. This article explores the prospects and challenges of economic integration among the BRICS nations, with specific reference to calls for an optimum currency area (OCA). With diverse economic capacities and global aspirations, these countries face significant challenges in policy coordination and structural alignment. This comprehensive literature analysis reveals the potential for and the complexity of achieving economic integration among the BRICS, underscoring the necessity for enhanced cooperation and policy harmonisation. Achieving economic integration, including the establishment of a common currency, requires an understanding of the national and collective economic goals, disparities and challenges. Offering insights into the BRICS' role in reshaping the global economic system, this analysis contributes to the discourse on economic integration among developing and emerging economies.