Power of BRICS Countries in the Global Economy
BRICS is a collaboration of five countries in the world that economists and political scientists predict more powerful in the…
BRICS countries
BRICS is a collaboration of five countries in the world that economists and political scientists predict more powerful in the future. We know that in the past, western countries had dominance on world economic and political system. Now it has been decreasing and BRICS nations are becoming more powerful than ever. Most of the time, in the future, BRICS countries will have dominance in world economic and political systems.
BRICS includes five countries. They are Brazil, Russia, India, China, and South Africa. Up to the year 2011, it was called BRIC which is the combination of Brazil, Russia, India, and China. (Harden, 2014). In the year 2011, South Africa also has been invited to join this collaboration. After the joining of South Africa, this collaboration is called BRICS.
At the present, BRICS countries account for 30 percent of the world gross domestic product (GDP), and 17 percent of the world trade. Also, 40 percent of the world population lives in the BRICS countries. Most important thing is, economists predict that by the year 2032, BRICS countries will become the same as the G7 countries from the largeness. (HAIBIN, 2012). G7 countries mean 7 countries including United States, Canada, United Kingdom, France, Italy, Germany, and Japan. Excluding the Japan, all other countries in the G7 collaboration are western countries.