Economy

Almost 25 years after the term BRICS appeared, economist Jim O'Neill again assessed the prospects for unification. Amid talk of de-dollarization, he questioned the reality of the single currency and pointed to China's dominant role and the lack of a coherent financial strategy within the bloc.

Ethiopia has launched a national instant payment system that will allow real-time transfers between banks. The new tool is aimed at accelerating financial settlements, reducing the share of cash transactions and supporting the digitalization of the economy, including foreign trade.

Southeast Asia is facing a new wave of cheap imports from China, which has boosted shipments to the region amid declining access to the U.S. market. Economists warn that the growth of Chinese exports is already causing a reduction in production and labor in the countries of the region, which could lead to large-scale social protests.

President Vladimir Putin has stated the need for full legalization of economic activity in Russia, stressing that any form of shadow trade in the country is unacceptable. His words became the starting point for a new discussion of measures to increase business transparency, improve tax control and eliminate avoidance schemes. The issue of whitewashing the economy comes to the fore in the context of the strengthening of the domestic market and the structural restructuring of trade.