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22 Feb 06:02

About our BRICS news

Latest news on BRICS, an acronym for Brazil, Russia, India, China, and South Africa, five major emerging economies that form a geopolitical bloc and cooperate on various issues. BRICS was coined in 2001 by Goldman Sachs economist Jim O'Neill, who predicted that the four BRIC economies (without South Africa) would dominate the global economy by 2050. South Africa joined the group in 2010.

BRICS accounts for about 41% of the world population, 25% of the world GDP, and 16% of the world trade. It also has a combined foreign reserve of about US$4 trillion. BRICS holds annual summits since 2009, where the leaders of the five countries meet to discuss common challenges and opportunities, as well as to launch joint initiatives such as the New Development Bank, the Contingent Reserve Arrangement, and the BRICS payment system.

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