Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
St. Petersburg, Aug. 16 (Xinhua) — The economic growth of developing countries is leading to the formation of a new complex global architecture in which the Global South will play a much more important role, Lyudmila Veselova, associate professor of the Department of Strategic and International Management at the Higher School of Business of the National Research University Higher School of Economics, told Xinhua in an interview.
According to her, economic development and the strengthening of the power of developing countries play a key role in the transformation of the post-war international order. “This process leads to the formation of a more multipolar world, in which the influence of Western powers, including the United States, is gradually being revised in favor of a more balanced distribution of power,” the expert noted.
Veselova believes that after World War II, institutions such as the International Monetary Fund, the World Bank, and the United Nations largely contributed to the dominance of the United States and its allies. However, the rapid rise of China, India, Brazil, ASEAN, and other emerging economies has changed the global dynamics. Today, as Western countries face a slowdown, the share of the Global South in global GDP continues to increase, and new groupings, including BRICS and the Asian Infrastructure Investment Bank, are weakening the monopoly of Western institutions.
Developing countries, according to the expert, increasingly act together on foreign policy issues. Against the backdrop of economic crises, internal contradictions and foreign policy miscalculations, the positions of the United States and other Western countries are weakening, and China, with its growing potential, is becoming an alternative center of influence.
The Russian expert noted that the 2008 financial crisis became a catalyst for the strengthening of the role of developing economies in global politics and economics. “First, it revealed the structural weaknesses of the Western financial system, such as speculative bubbles, opaque banking, and excessive dependence on the dollar. Second, emerging market countries became convinced of the instability of the unipolar system and began to look for alternatives. Third, the gap in economic growth rates between the West and the Global South became even more obvious,” she said. According to the expert, these factors significantly strengthened the positions of developing countries in international formats such as the IMF, WTO, and G20.
“Today, a hybrid world order is being formed: the West retains influence, but no longer as a monopoly, and the BRICS and Global South countries offer alternatives,” the interlocutor emphasized. “Multipolarity is inevitable, but the West seeks to slow down this process with the help of sanctions, pressure and control over key technologies. In these conditions, it is important for the countries of the Global South to create a sustainable alternative and reduce dependence on Western financial and technological resources,” concluded L. Veselova. –0–
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