Summary:
- BRICS, composed of Brazil, Russia, India, China, and South Africa, is a group of fast-growing economies set to have a major global impact by 2050.
- Originally focused on investments, BRICS now holds annual summits; recently, they agreed to expand their membership from 5 to 11 countries.
- Collectively, BRICS nations' share of global GDP has surged from 20% in 2001 to over a third, projected to reach 40% by 2040.
- China's impressive growth, though waning, and India's pivotal role amid challenges, contribute to BRICS' evolving narrative.
- South Africa and Russia grapple with issues like geopolitical conflicts and economic setbacks, affecting their BRICS participation.
The BRICS, consisting of Brazil, Russia, India, China, and South Africa, are a group of nations with rapidly growing economies that are anticipated to wield significant global influence by 2050. Originally conceived as a platform for investment discussions, BRICS has evolved into a formal alliance, holding annual summits. This year, during the Johannesburg summit, they made a pivotal decision to expand their membership from 5 to 11 nations.
The BRICS countries have seen remarkable economic growth, collectively accounting for just over 20% of global GDP in 2001. Presently, their combined share has risen to over a third of the world's GDP and is projected to exceed 40% by 2040. In contrast, the G7's GDP contribution has declined from over 40% to 30% today. The expansion of BRICS membership includes inviting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as full members.
While BRICS presents itself as a unified entity, the member nations pursue distinct economic trajectories. China stands out as a growth leader, yet it shows indications of relinquishing its economic dominance. India is expected to play a significant role in driving BRICS forward, despite previous disappointments. South Africa and Russia have faced setbacks, with geopolitical conflicts and economic challenges respectively. As BRICS expands and evolves, its economic and geopolitical dynamics continue to shape the global landscape.