What are the BRICS and what role do they play in the world economy?

The acronym BRICS is used to name the group formed by Brazil (B), Russia (R), India (I), China (C) and South Africa (S). These are the five nations with emerging economies most important or recently industrialized on the planet.

In 2001, the British economist Jim O’Neill proposed the idea of ​​BRIC: the bloc formed by Brazil, Russia, India and China. Seven years later, these countries took over the conceptToday they started meeting to work together. Years later, South Africa also joined these meetings and the BRICS was born.

BRICS members are considered to be countries have similar characteristics and who have the capacity to become world economic powers. That is why the five nations have decided to ally and collaborate with each other towards this common goal.

BRICS members have very large populations and extensive territories, two characteristics that give them great potential. In addition, in recent years, they have achieved a significant development of their GDP (Gross Domestic Product) and their involvement in international trade.

There are experts who argue that, in 2050, the countries that make up the BRICS will become leaders in the global economy. On this trip, Mexico and South Korea could join the bloc, as they are two other major emerging economies.

Another set of aspects relevant to the BRICS are the following:

– They make up 43% of the world population.

-It is believed that they displace what becomes about 20% of world investment.

-The BRICS they are movingto some extent, what is the role of both the United States and Europe in relation to world power.

– From this very group that concerns us, it must be said that there are rumors that both the IMF (International Monetary Fund) and the World Bank (World Bank) are bodies that fundamentally defend the interests of some countries such as the United States. That’s why they chose to shape those BRICS as a way to get strong and fight together to change things.

– Among the projects you have in hand it would be the implementation of a reserve mechanism for coins as well as from its own BRICS bank.

-The main functions it performs concern multisectoral cooperation, coordination at political level and economic-financial cooperation. In other words, these are the areas where the group is most concentrated right now.

-The detractors of this group come to establish that what they are doing is following the US model economically and that its constituent countries do not have as many things in common as they want us to believe.