It may not be a return of the “Pink Tide,” but the region’s left has been showing signs of a revival. Perhaps more than questions of right and left, though, what most characterizes South America today is a sense of instability and democratic fragility. What’s next for the continent?
Amid the fanfare surrounding BRICS’ expansion last month, the longstanding tensions between Egypt and Ethiopia over the latter’s mega-dam project on the Nile went largely unnoticed. In offering both countries membership, BRICS has absorbed a complex regional conflict, raising questions over its potential to shape global affairs.
Resource extraction continues to be a major source of revenue for both developing countries and wealthier nations alike. But the windfalls don’t come without risks. Meanwhile, the environmental impact of fossil fuels is driving the development of renewable energy sources. But the transition is slow to develop.
A group of five will soon be a concert of eleven. At last week’s summit of the BRICS nations, Brazil, Russia, India, China, and South Africa agreed to invite Ethiopia, Argentina, Iran, Egypt, Saudi Arabia, and the United Arab Emirates to officially join the group on Jan. 1, 2024. The expanded BRICS shows its members’ dissatisfaction with the Western-led economic and political order.