BRICS


These are the acronyms used to denominate the commercial and economic association, formed by a group of emerging countries or nations that in recent times have been an important factor in the world economy, such States are Brazil, Russia, India, China and South Africa, its creation dates back to 2001 and in its beginnings it was only made up of 4 countries, it was not until 2011 that South Africa was integrated into the group.

The origin of BRIC dates back to 2001 when an economist named Jim O’Neil used it to encompass those emerging economies, but it was not until 2008 that the BRIC was formalized and the countries decided to meet to work hand in hand for their economies. For the year 2010, the countries that made up the BRIC until then, decided to incorporate South Africa into the BRIC, renamed BRICS.

According to experts, the potential of the economies of these countries is such that they can become the main economic powers in the world in the next thirty years. In addition to this, it is also expected that in the same period of time, more than 40% of the The entire population of the world will be found in these countries.

The BRICS has received different criticisms over the years, one of them is that it is said that they do not define themselves as a compact group, that they do not have their own identity since they are only copying the North American model. Brazil, for its part, has been harshly criticized since during the 8-year mandate that Luis Ignacio da Silva presided over, it was the country that had the least growth of the four. On the other hand, the overvaluation given to China’s GDP in the next 40 years is criticized, since according to reports the country’s growth level would be below accepted levels.

Two more countries could be added to this select group: Mexico and South Korea, which rank 14th and 15th, respectively, in world nominal GDP, in addition to having great potential for economic growth in the coming years.