Finance ministers and central bank governors from the BRICS group of emerging economies issued a stark warning on Friday after meeting in Mumbai, India, saying the world economy is under mounting strain. The joint statement pointed to persistent geopolitical tension, rising protectionism, policy uncertainty, fiscal and inflationary pressure, mounting debt, and financial vulnerability as key risks clouding the global outlook.
Despite these headwinds, the officials argued that BRICS economies have proven resilient and continue to drive stable, inclusive global growth. The bloc—originally made up of Brazil, Russia, India, China, and South Africa—has expanded in recent years to include Egypt, the United Arab Emirates, Ethiopia, Iran, and Indonesia, alongside ten partner states such as Vietnam, Nigeria, and Kazakhstan. Together, these countries now account for roughly 30 percent of the world’s economic output.
The ministers voiced strong opposition to unilateral tariffs and trade restrictions, warning that such measures distort commerce, violate World Trade Organization rules, and disproportionately harm developing nations. They reaffirmed their support for an open, rules-based multilateral trading system centered on the WTO.
The group also renewed its call for reforming the International Monetary Fund and World Bank, arguing that emerging and developing economies deserve greater voting power and representation reflecting their growing share of the global economy.
For the full details, read the original report at jornada.com.mx.
Source: La economía global afronta graves dificultades, advierte el grupo BRICS durante reunión en Mumbai (jornada.com.mx). English version produced with AI assistance.
Image: Minister-president, BY 2.0 (via Openverse).