110 million people from Asia Joining BRICS: What next?
110 million people from Asia Joining BRICS: What next?
Fastepo: 6-20-2024
Malaysia and Thailand have both shown interest in joining BRICS, a coalition currently comprising Brazil, Russia, India, China, and South Africa.
The group is expanding, with five new countries—Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE—joining the bloc since January 2024.
This expansion aims to enhance the bloc's economic and geopolitical influence, offering new opportunities for member nations to engage in trade and cooperation outside of Western-dominated frameworks.
As of June 2024, both Malaysia and Thailand exhibit significant economic advantages that enhance their positions in the global economy.
The Malaysian economy is projected to grow by 4-5% in 2024, driven by resilient domestic expenditure and a diversified economic base
. Malaysia has successfully transitioned from a commodity-based economy to one with robust manufacturing and service sectors.
The Thai government has implemented measures to boost liquidity and economic growth, including a proposed $102 billion budget to revive the economy.
These measures aim to stimulate domestic demand and support economic recovery.
Malaysia is on track to achieve high-income status between 2024 and 2028, reflecting sustained economic transformation and development. This progress is supported by a low unemployment rate and significant strides in poverty reduction.
Additionally, Malaysia’s strategic geographic location and strong geopolitical relationships enhance its trade capabilities, particularly in electronics, automotive, and palm oil production. Thailand’s robust trade relationships with major economies like China and India position it as a key player in regional and global markets.
Exports to these countries include a wide range of products such as automotive parts and chemicals, showcasing Thailand's diversified export base.
In this video, we will examine how the inclusion of Malaysia and Thailand will create mutual benefits for both these countries and the existing BRICS nations.