10 facts about BRICS

PUBLISHED : Sunday, 03 September, 2017, 11:23am
UPDATED : Sunday, 03 September, 2017, 11:23am

1. An economist came up with the acronym BRICs for Brazil, Russia, India and China in 2001 to describe emerging economies that might challenge the West. The four held their first summit in 2009 and were joined by South Africa in 2011.

2. The group is seen as a rival of the Group of Seven industrialised nations. While the G-7 have struggled with towering budget deficits and rising unemployment over the past decade, the BRICS have fared better.

3. Two people out of every five people on the planet is from a BRICS country – about 3 billion people.

4. BRICS takes up 25 per cent of the world’s land mass.

5. In economic terms, BRICS countries account for about 30 per cent of global GDP. 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.

6. The five nations in BRICS have the bilateral relationship which focuses on the mutual benefit, equality and non interference basis.

7. About 50 per cent of world’s workforce is in BRICS countries.

8. While they may be united, BRICS members are all vastly different in culture, literacy, basic human needs, internet usage and opportunities, meaning personal rights and access to education.

9. Possible future BRICS members and countries who have expressed interest in joining include: Afghanistan, Argentina, Indonesia, Mexico, Turkey, Egypt, Iran, Nigeria, Sudan, Syria, Bangladesh and Greece.

10. BRICS is not the only emerging market acronym. Here are several others:

SANE – South Africa, Algeria, Nigeria, Egypt

STUCK – South Africa, Turkey, Ukraine, Colombia, UK

CIVETS – Colombia, Indonesia, Vietnam, Egypt, Turkey, South Africa

MINT – Mexico, Indonesia, Nigeria, Turkey

MIST – Mexico, Indonesia, South Korea, Turkey

BIITS – Brazil, India, Indonesia, Turkey, South Africa

PIIGS – Portugal, Ireland, Italy, Greece, Spain