BRICS

« BRICS  What does BRICS mean? BRICS is an acronym for four countries that are becoming increasingly important in the global economy: Brazil, Russia, India, China and South Africa.  History of BRICS The term BRIC first appeared in a report by Jim O'Neil in 2001.

(Jim O'Neil is an economist at the investment bank Goldman Sachs).

In 2003 the term was taken up by two other economists from the same bank who claimed that the BRIC countries would rapidly grow and that by 2040 the total GDP of the BRICs would equal the GDP of the G6 (the G6 is the grouping of 6 countries: the United States, Germany, Japan, France, the United Kingdom and Italy).

The first summit of the B.R.I.C.

(Brazil, Russia, India, China) took place on 16 June 2009 in Yekaterinburg, Russia.

In 2011, South Africa joined the organisation and was renamed BRICS.

The BRICS has five representatives, Jair Bolsonaro (President of Brazil), Vladimir Putin (President of Russia), Narendra Modi (Prime Minister of India), Xi Jinping (President of China), and Cyril Ramaphosa (President of South Africa).  Reason of the creation of BRICS The financial crisis of 2008 accelerated the formation of BRIC because these 4 countries having had a growth strongly slowed down by the crisis as all the other countries, they decided to join in order to increase their world power at the financial level.

 Future of BRICS It seems likely that within five years China's GDP will surpass that of Japan, and that in twenty years' time it could rival the US.

By 2030, it is also possible that the combined GDP of the BRICS will exceed that of the current G7 (Canada, France, Germany, Italy, Japan, the UK, the USA).

Of the five countries that make up the BRICS, Brazil, India and China are the current major emerging powers.

In 2015, the BRICS are respectively the ninth (Brazil), twelfth (Russia), seventh (India), second (China) and thirty-third (South Africa) largest world powers (in terms of nominal GDP) and seventh, sixth, third, second and twenty-fifth in terms of purchasing power parity.

In ten years, their share of the world economy has risen sharply: 16% of world GDP in 2001, 27% in 2011 and, according to some projections, 40% in 2025.

This figure seems correct because developed countries now produce less than half of the world's wealth as a result of the economic growth of large emerging countries (including the main ones: Brazil, India, China) but also of other developing countries (including South Africa).

In 2011, the combined nominal GDP of the BRICS was $11 221 billion for a total population of almost 3 billion (40% of the world's population).

In 2014, the BRICS had a combined nominal GDP of more than $14,000 billion, almost as much as the 28 EU countries combined (18,874) and close to that of the US (17,528).

Based on this growth in recent years, we can predict that the GDP of the BRICS will surpass that of the G7.  What is its purpose. »