Among the greater BRICS de-dollarization plans, one expert has predicted big challenges for the US Dollar in 2024. Indeed, the expansion of the economic alliance has certainly created an obstacle for the greenback. Subsequently, many expect the trouble to begin as soon as this year.
Specifically, Rebecca Walser, the President of Walser Wealth Management, discussed the impact that the expansion could have on the US. Moreover, she identified the expansion effort as a key play in the global movement away from the dollar as a widely accepted reserve currency.
Also Read: BRICS Bank: Will it Use the US Dollar in 2024 To Pay Debts?
Wealth Management President Predicts Big Challange From BRICS for the Dollar
The growth of BRICS in 2023 was undoubtedly one of the most important geopolitical developments of the year. Although many perceive their anti-western approach as a long shot, many have observed the potential implications of the group’s initiatives. Among them is Walser, who notes that the greenback could begin to feel some pressure in the coming year.
Indeed, as the BRICS have embraced global de-dollarization, Walser has stated her expectation of big challenges for the US dollar in 2024. Specifically, when asked about incoming macroeconomic factors that could affect investors, Walser discussed the BRICS alliance.
Also Read: BRICS: U.S. Dollar Ranks Last in the Top 10 Currency List
Walser noted her concern macroeconomically began with the BRICS Expansion. Subsuqnety, Walser said that “Wall Street is not discussing and not talking about” the landmark growth plan. Specifically, she highlighted the importance of “the addition of Saudi Arabia and the United Arab Emirates (UAE).”
“And that is a step closer to what I would consider the end of the real sort of dollar hegemonic status,” Walser stated. “And when we look at the data and the analytics on this, you’ve got more GDP of all the nations put together moving towards the BRICS bloc than we have in the G7.”
Thereafter, Walser identified the turning tide in the oil sector. Specifically, she highlighted the potential for Saudi Arabia, UAE, and OPEC, to “announce that they might start selling crude oil outside of US dollar, then we have potentially quite an issue.”
The key impact of BRICS expansion has been its effect on global energy. Amid the bloc’s de-dollarization plan, the concern is rooted in the bloc’s clear hopes. Ultimately, only time will tell if the concern will bear fruit as soon as 2024.
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