Is the BRICS Political Focus Lacking Purpose? Jim O'Neill Weighs In

The BRICS bloc, comprised of Brazil, Russia, India, China, and South Africa, has long been touted as a counterweight to Western economic and political dominance. However, Jim O'Neill, the economist who coined the BRICS acronym, believes the grouping continues to show that it serves no purpose beyond generating symbolic political gestures. He suspects that the BRICS grouping will continue to struggle to serve anything more than a symbolic purpose.

Jim O'Neill's Concerns about BRICS

Jim O'Neill's skepticism stems from a perceived lack of concrete action and a failure to address fundamental economic challenges within the member states. He has been vocal about the BRICS' deviation from its original intention, questioning its effectiveness in fostering genuine collaboration and driving meaningful change. As the economist who created the BRICS term to refer to the emerging economies of Brazil, Russia, India, and China, Jim O’Neill's assessment carries significant weight.

BRICS and the U.S. Dollar

One key area where the BRICS has struggled to make a substantial impact is in challenging the dominance of the U.S. dollar. Jim O'Neill dismisses BRICS' potential to rival the U.S. dollar, citing deep divisions within the bloc that hinder a unified financial strategy. This lack of cohesion undermines any serious attempt to create an alternative global currency or financial system.

Internal Divisions and Lack of Unity

The expansion announced at the 2025 Annual Summit, while seemingly strengthening the bloc, also highlights the diverse and often conflicting interests of its members. These internal divisions contribute to the perception that the BRICS political focus lacks purpose and is ultimately unable to deliver on its ambitious goals. The challenge is for BRICS to develop coordinated responses.

While comparisons to entities such as the G7 are often made, including instances with France, Germany, and Italy in permanent economic and monetary union, the BRICS faces a different set of circumstances. The G7's members share a greater degree of economic alignment and political consensus, a factor largely absent within the BRICS.