BRICS

Brazil, Russia, India, China, South Africa

BRICS Federative Republic of Brazil President (head of state and government): Luiz Inácio Lula da Silva Russian Federation President (head of state): Vladimir Putin Prime Minister (head of government): Mikhail Mishustin Republic of India President (head of state): Droupadi Murmu Prime Minister (head of government): Narendra Modi People's Republic of China President (head of state): Xi Jinping Premier (head of government): Li Keqiang Republic of South Africa President (head of state): Cyril Ramaphosa Saudi Arabia GDP (PPP) Total : $18,486 billion (2010 estimate) China $10,084 billion India$4,001 billion Russia $2,219 billion Brazil $2,182 billion GDP (nominal) Total : $10,676 billion (2010 estimate) China $5,745 billion Brazil $2,024 billion Russia $1,477 billion India$1,430 billion Area Total : 38,518,338 km2 (2010 estimate) Russia 17,075,400 km2 China 9,640,821 km2 Brazil 8,514,877 km2 India3,287,240 km2 Population Total : 2,851,302,297 (2010 estimate) China 1,336,970,000 India1,179,618,000 Brazil 192,787,000 Russia 141,927,297

BRICS is an acronym used to talk about the countries of Brazil, Russia, India, China and South Africa. Many economists think that all these countries are at a similar stage of economic development. When people write about these countries, they usually write "BRICS" or the "BRICS countries".

The acronym was invented by Jim O'Neill, an economist who worked for Goldman Sachs. In 2001, O'Neill wrote an article that he called "Building Better Global Economic BRICs".^[1][2][3]

Mexico and South Korea were the only other countries with economies that are like the BRICs. O'Neill did not include these countries because they were considered already more developed, as they were already members of the OECD.^[4]

In August 2023, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates were invited to join the group. Full membership of these countries will take effect on 1 January 2024.^[5] They also proposed to have a “partnership model” for other countries and talked about starting a common currency. They planned to use the US dollar less.^[6]

1. ↑ Kowitt, Beth (2009-06-17). "For Mr. BRIC, nations meeting a milestone". CNNMoney.com. Retrieved 2009-06-18.
2. ↑ Global Economics Paper No. 99, Dreaming with BRICs Archived 2008-10-26 at the Wayback Machine and Global Economics Paper 134, How Solid Are the BRICs?
3. ↑ Economist's Another BRIC in the wall 2008 article
4. ↑ "How Solid are the BRICs?" (PDF). Global Economics. Archived from the original (PDF) on 2011-07-17. Retrieved 2010-09-21.
5. ↑ Plessis, Carien du; Miridzhanian, Anait; Acharya, Bhargav; Miridzhanian, Anait; Acharya, Bhargav (2023-08-25). "BRICS welcomes new members in push to reshuffle world order". Reuters. Retrieved 2023-09-21.
6. ↑ Cotterill, Joseph (2023-08-24). "Brics leaders invite 6 nations including Saudis and Iran to join bloc". Financial Times. Retrieved 2023-08-25.