BRICS is an acronym referring to an alliance between five major economies on four different continents: Brazil, Russia, India, China, and South Africa.
The total population of BRICS nations is 3 billion. Of these, nearly 2.7 billion people live in India and China alone. This means that Asian people make up about 90% of the population of BRICS. BRICS has developed into an emerging economic bloc ready to challenge the fading Euro-Atlantic dominance of the world economy. In half a century, America’s contribution to the global GDP has shrunk from over 40% to merely 20%. Since 1980, the European Union’s share has declined from 30% to just over 15%. On the other hand, the five BRICS nations’ share of the global economy doubled in the past decade to reach almost 33%. Between 2008 and 2017, BRICS contributed more than 56% of the total economic growth in the world.
Of course, this can largely be attributed to the booming Chinese economy (as opposed to the economic disaster that is South Africa), but a country like Russia has been working hard on the diversification and expansion of its economy and in 2017 even managed to come close to wiping out their …
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