Russia’s Economic Status: An Examination of Its High-Income Classification Amidst Ongoing Conflicts The World Bank’s recent classification of Russia as a high-income country has sparked a flurry of discussions among economists, analysts, and policymakers. This change in status, announced on July 1, 2023, comes amid ongoing conflicts in Ukraine and long-standing economic sanctions. But does this classification genuinely reflect Russia’s economic health? Let’s delve deeper into the matter. World Bank Methodology and Russia’s Economic Rise The World Bank divides national economies into four income categories: low, lower-middle, upper-middle, and high income. This classification is based on each country’s gross national…
Author: BRICS+ News Services
Saudi Contributions to Sustainable Development Highlighted at UN Forum NEW YORK — Saudi Gazette report At the High-Level Political Forum for Sustainable Development (HLPF), held at the United Nations headquarters in New York City from July 8 to 18, the Quality of Life Program, a key initiative under Saudi Arabia’s Vision 2030, showcased the Kingdom’s efforts towards achieving sustainable development goals. The opening session, entitled "From Vision to Impact: Integrations to Achieve Sustainable Social and Environmental Change," focused on bolstering awareness of Saudi Vision 2030 and the initiatives under the Quality of Life Program. Discussions centered on addressing significant urban…
BRICS Bloc to Establish Its Own Parliament: A New Era of Global Influence In a significant development, the BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has announced plans to establish its own parliamentary structure. This initiative aims to oversee the alliance’s operations and facilitate key projects, including ongoing de-dollarization efforts. The announcement was made by Russian President Vladimir Putin, marking another milestone in BRICS’ expanding role on the global stage. A Vision for Unified Governance Russian President Vladimir Putin delivered the announcement, emphasizing the need for an institutionalized parliamentary structure within the BRICS bloc. Speaking at…
Putin Highlights BRICS’ Role in Shaping a Multipolar World Order at St. Petersburg Forum St. Petersburg, Russia (11 July 2024) – President Vladimir Putin of Russia underscored the crucial role of BRICS in the emerging multipolar world order during his address at the BRICS Parliamentary Forum. The event, held in St. Petersburg, saw the Russian leader affirm the association’s commitment to fostering a global environment where the interests of all states are respected and considered. Putin emphasized that BRICS—comprising Brazil, Russia, India, China, and South Africa—is central to the growing global architecture that increasingly reflects the aspirations of the Global…
Iran Pushes for Unified BRICS Currency System to Undermine US Dollar In a bold move, Iran has called for the establishment of a unified BRICS currency system aimed at weakening the dominance of the US dollar in global trade. The proposal was put forward by Nasser Kanani, the spokesperson for the Ministry of Foreign Affairs of the Islamic Republic of Iran. The initiative is part of a broader “de-dollarization” strategy, which seeks to link the payment systems of all BRICS nations into a singular, cohesive framework. BRICS, a coalition of emerging economies including Brazil, Russia, India, China, and South Africa,…
The Evolving Landscape of Data and Business Insights in South Africa: A Focus on Johannesburg In today’s rapidly changing business environment, the role of data and business insights analysts has never been more crucial. Companies across South Africa, particularly in the bustling city of Johannesburg, are increasingly relying on data-driven strategies to stay competitive and innovative. As the economic hub of the country, Johannesburg is at the forefront of this transformation, making it a prime location for professionals in this field. Over the past decade, there has been a significant shift in how businesses operate and make decisions. The advent…
Iran Publicly Rejects NATO Allegations of Military Support to Russia Amid escalating global tensions, Iran has firmly rebutted allegations from NATO that it is providing military support to Russia in the ongoing conflict in Ukraine. During a recent press briefing, Iran’s Foreign Ministry Spokesman, Nasser Kanani, described these accusations as "absolutely ungrounded and politically motivated." This denial came in response to statements made at the NATO summit in Washington, which began on Tuesday, July 9, and is set to conclude on Thursday, July 11. The summit has been a focal point of discussions about international security, particularly concerning the war…
U.S. Inflation Eases in June 2023: Key Indicators and Economic Implications In a promising turn for the U.S. economy, the Consumer Price Index (CPI) recorded a modest rise of just 0.2% in June 2023, marking the annual inflation rate at 3%—the lowest increase since March 2021. This notable easing of inflationary pressures highlights a significant slowdown across various economic sectors, providing a cautiously optimistic outlook for both consumers and policymakers. Context and Background The U.S. economy has faced considerable inflationary challenges since the onset of the COVID-19 pandemic. Supply chain disruptions, labor shortages, and substantial fiscal stimulus measures have contributed…
NATO Addresses China’s Support for Russia Amid the Ukraine Conflict As the NATO summit nears its conclusion, leaders from the 32 NATO member countries and their Asia-Pacific partners are poised to discuss China’s growing support for Russia in the ongoing Ukraine conflict. This crucial discussion will take place before the alliance meets with Ukrainian President Volodymyr Zelensky. The summit, which commemorates NATO’s 75th anniversary, has seen significant developments over the past few days, including a much-anticipated press conference by U.S. President Joe Biden. Biden’s address comes amidst concerns about his health and his political viability against Republican rival Donald Trump…
[ Kidnapping of University Students in Oromia: Families Dispute Government Claims Last Wednesday, over 167 students traveling from Debark University in the Amhara region were kidnapped near Garba Guracha town in Oromia’s North Shewa zone. Despite the Oromia regional government’s announcement that 160 students had been released, families of the abducted students have stated that their children are still being held captive. The families are concerned for their children’s safety as they continue to negotiate with the kidnappers. The Oromia Communication Service Bureau reported that government security forces successfully freed the students, allegedly kidnapped by an extremist and terrorist force.…