US economy likely to remain the biggest: Economist
While the BRICS Summit's conclusion has generated a lot of talk of an economy that's no longer dependent on the dollar, an economist says it will be some time before the U.S currency is no longer relevant.
"In future, we're probably going to see the Indian economy getting bigger than the Chinese economy or the Chinese economy getting bigger than the American economy, but the world changes," says Dawie Roodt, an economist with the Efficient Group.
Among developments that took place during the gathering was the original member nations - Brazil, Russia, India, China and South Africa - welcoming 6 new nations into the family, namely Argentina, Egypt, Ethiopia, Eeran, the United Arab Emirates, and Saudi Arabia.
The inclusion of powerhouse Saudi Arabia further fuelled speculation of a de-dollarisation.
Roodt says should this be the plan, it will be some time before we see a complete shift away from the U.S dollar.
"The US economy, the American economy is still the biggest economy in the world, and it's likely to remain the biggest economy in the world for quite a long period of time. And the American dollar will remain the most important reserve currency in the world for a long period of time, but eventually that will come to an end as well, but I don't think the Americans got anything to be concerned about, at least in the short term," he said.
