"The BRICS can create viable alternatives to the dollar. In this sense, yes, the dollar will be dethroned as the overwhelmingly dominant global currency," Sachs said. "That is inevitable in the long run in any event, given the declining share of US GDP and global trade."
The BRICS will hasten the transition to a multi-currency system, and the US dollar will still have its role, but a much smaller one among many currencies, Sachs added.
Last week, the BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - announced that its membership is more than doubling. Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Saudi Arabia were invited to join the group. Their membership will take effect on January 1, 2024.
According to the group, this year, the BRICS overtook the global GDP contribution of the G7 countries and accounts for nearly one-third of world economic activity.