Türkiye obvious nation for expanded BRICS, says leading economist

LONDON

Türkiye would be an obvious addition to an expanded BRICS group, said Jim O'Neill, who coined the acronym which stands for Brazil, Russia, India, China and South Africa -- all emerging economies.

Speaking to Anadolu, O'Neill said that numerous countries are applying to join BRICS.

He sees this as a symbolic initiative of the emerging world, demonstrating their dissatisfaction with global governance and the status quo established by the US dominance after World War II.

O'Neill, who has also served as the chairman of the renowned London-based think tank Chatham House from 1999 to 2021, previously classified Türkiye within the abbreviation MINT (Mexico, Indonesia, Nigeria, Türkiye), representing emerging economies.

He said that Türkiye has dealt with the complications of the US-centered system and the new world order.

He suggested that Türkiye could be part of the BRICS group, which desires expansion.

"In many ways Turkey has to do that because of its unique geography. But also, perhaps in the way that modern Turkish leaders have thought that they could see benefits of the Western system as well as benefits of a different system," he said.

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Russia-Ukraine war

O'Neill expressed the belief that the countries within the BRICS formation, where China's economic weight is felt, would have "great desire" for Türkiye to be part of the formation's expansion.

"Türkiye is quite a unique country in this sense. It is the one country that seems to be one major country that's been able to play some kind of mediation role to be seen as credible both by Ukraine and Russia as well. And obviously, given this tragic war that's going on," he said.

O'Neill further said the Russian economy has performed better than previous predictions about a year ago, adding that Western sanctions have not had a real impact on Russia.

Having previously served as the Chief Economist of Goldman Sachs for many years, O'Neill noted that central banks in advanced economies are making efforts to restrain high inflation levels, trying to slow down the economy.

He said recent statements by the US Federal Reserve (Fed) indicate that if inflation continues to decrease, monetary tightening could end, adding that such actions by the Fed could positively impact emerging economies in the future.

Discussing the economic outlook in the UK, O'Neill emphasized that the country has gone through a challenging period since the EU referendum held in 2016, coping with the consequences of what he calls an "insane decision" in intellectual and political terms.

O'Neill highlighted that the UK's trade position has worsened, despite the need for skilled workers, there are significant concerns regarding immigration on a political level, and the country's growth capacity has weakened.

He concluded that in many ways, the underlying outlook is quite gloomy.