Quick interesting facts about BRICS

South Africa is currently hosting the 10th Brazil, Russia, India, China and South Africa (BRICS) summit. This year’s event which is being held under the theme “BRICS in Africa, Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution” is seeking to build on the progress made in advancing the development of the organisation and its member countries. Here are some quick facts you need to know about BRICS.

  • BRICS countries held their first meeting on June 16, 2009 in Yekaterinburg, Russia.
  • BRICS is an acronym of five emerging national economies Brazil, Russia, India, China and South Africa and it was coined by a Goldman Sachs employee named Jim O’Neill.
  • BRICS countries held their first meeting on June 16, 2009 in Yekaterinburg, Russia.
  • BRICS is a platform for dialogue and cooperation among emerging markets and developing countries. It’s also a key force in strengthening multi-lateralism and promoting democratization of international relations.

  • Two people out of every five people on the planet is from a BRICS country. This translates into about 3 billion people.
  • BRICS takes up 26 per cent of the world’s land mass.
  • In economic terms, BRICS countries account for about 30 per cent of global gross domestic product (GDP) and these countries control some 43 percent of global foreign exchange reserves.
  • The BRICS will approach the total size of the G-7 economies by 2030, and by the middle of this century they are projected to be nearly double the size of the G-7.
  • About 50 per cent of world’s workforce is in BRICS countries.
  • Possible future BRICS members and countries who have expressed interest in joining include: Argentina, Indonesia, Mexico, Turkey, Egypt, Iran, Nigeria, Sudan, Syria, Bangladesh and Greece.
  • New Development Bank under the BRICS umbrella was established in 2014.

You can learn more about BRICS 2018 summit here.

 

 

  AUTHOR
Caxton Central

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