BRICS is expanding. What is its purpose? And why is it expanding? BRICS, an informal club of economically powerful countries, is growing. Along with original members, Brazil, Russia, India, China, and South Africa , these new countries are poised to reshape and rival the exisiting global order!
Over the next decades, the group will be economically stronger than the traditional big economies. Is it an organisation, an allegiance, a bloc? How did it start? Why is it expanding? Why do countries want to join? Email Address.
In , an economist for Goldman Sachs first used the term BRIC to describe a group of economies that he believed would come to dominate the global economy by the year These economies were Brazil, Russia, India, and China.
For years, this was accepted as financial and economic wisdom. The five countries, Brazil, Russia, India, China, and South Africa were some of the fastest growing emerging economies for decades. They all benefited from large and young populations, low labour costs, and a lot of natural resources.
Importantly, and perhaps surprisingly to some of you, BRIC was not originally an organised group. It was simply a selection of economically growing countries. In , another set of Goldman Sachs economists published a further report. They predicted that by the middle of the 21 st century, the global economy would look remarkable different from the one dominated by North America, Europe, and Japan.
