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Introduction:
The term "BRICS" was coined in 2001 by then-chairman of Goldman Sachs Asset Management,
Jim O'Neill, in his publication Building Better Global Economic BRICs. BRICS is the acronym
for an association of five major emerging national economies: Brazil, Russia, India, China and
South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the
induction of South Africa in 2010. The BRICS members are all leading developing or newly
industrialized countries, but they are distinguished by their large, sometimes fast-growing
economies and significant influence on regional affairs; all five are G-20 members. Since 2009,
the BRICS nations have met annually at formal summits. China hosted the 9th BRICS summit in
Xiamen on September 3rd, 4th and 5th, 2017.
These countries are representing 20% of the Worlds GDP and 40% of the worlds population.
This means that these markets with high population and growing number of middle class are
going to be growth engine of this world.
In the past few years, the economic fundamentals are not so strong in all of the above nations.
South Africa, Brazil and Russia are all in economic doldrums.
China and India of these 5 nations are the most ambitious and will be the biggest and second
biggest economies in 2050. They are militarily strong, economically growing, and politically
stable and hence want a bigger role in geopolitics. But the geopolitics is dominated by USA and
Europe with the help of institutions such as IMF, UN, UNSC, and NATO. Not just that but these
institutions are not willing to change and accommodate the interests of emerging countries.
Hence they thought that instead of asking for more share in existing institutions just start a new
one. Especially, China who wants to take the world stage from USA. With all the trade surplus
and huge forex reserves, China can afford to start these institutions with the help of other
BRICS members. These are the main reasons behind BRICS formation.
Macroeconomics Indicators:
The main indicators of consideration for BRICS are these: