BRICS and Its Impact on South Korea's Economic Future in a De-dollarizing World Geopolitical Report Vol 1 Issue 17
Year: 2024
Type: article
Abstract: The move by BRICS countries to demand payments in non-USD currencies will present both challenges and opportunities for South Korea. While there are potential risks, particularly related to currency volatility, supply chain adjustments, and geopolitical pressures, South Korea also stands to benefit by diversifying its trade and financial systems. Adapting to this new landscape will require strategic adjustments in both policy and business practices, but South Korea’s technological and economic strengths provide a solid foundation for navigating these changes. To remain competitive, South Korea will need to balance its strong alliance with the U.S. and its economic ties with BRICS nations, especially China. Successfully managing this balancing act will ensure that South Korea continues to be a key player in both global trade and geopolitics, regardless of the currency used in international transactions.
Authors: Valamontes, Valamontes, Valamontes Center For Scientific Publication
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6911696386
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