In this article I will provide brief information about the BRICS.
BRICS is an acronym for Brazil, Russia, India, China and South Africa. The organization formally started its operations in 2009.
BRICS is an international organization which encourages political, economic, and cultural cooperation between member states.
The group was known as BRIC until South Africa joined in 2010 adding the capital “S”.
BRICS was formed to become an alternative to the International Monetary Fund and World Bank which are regulated by the US government. In 2014, BRICS introduced “New Development Bank” with its headquarters in Shanghai, China.
After the World Economic Crisis, BRIC (lately BRICS) called in 2009 for creating a new global reserve currency, which would be “diversified, stable and predictable”.
BRICS nations represent 41.84% of the world population according to the worldometers.info, 2018 report. The current number of the world population is 7.6 billion people.
BRICS countries make up to 21% of the world GDP. China, India, and Brazil are ranked top 10 largest economies of the world, according to the World Economic Forum report published in 2017. Additionally, all five member-states are part of G20 (Group of Twenty). Additionally, they are considered as emerging national economies in the world.
Currently, China occupies the second largest economy in the world after the US and Beijing is committed to rival the dollar in close future. Currently, we do not see any “great progress” made by this organization, however, in the close future, BRICS might play a huge role in “de-dollarization” and the US hegemony.
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