“BRICS Plus”: A New Global Economic Paradigm in the Making?

Abstract

In 2023, the global economy is going through a number of challenges. The imposition of sanctions on Russia, as a result of the Ukraine-Russia conflict, has unleashed and fostered a new globalization cycle and paradigm, with important implications for global business. This paper explores one of the consequences of this new globalization paradigm that is unfolding—the expansion of the BRIC group, “BRIC Plus”, and its challenges and opportunities. The increasing fragmentation of the established globalization paradigm and the new geopolitical and geoeconomic global realignment will send shockwaves throughout the global economy. The looming global recession may aggravate these outcomes.