5 Must-Know Facts About BRICS
As the BRICS summit kicked off in South Africa, here are things you should know about this grouping.
As the BRICS summit kicked off in South Africa, here are things you should know about this grouping.
In 2001, an economic expert named Jim O'Neill coined the acronym BRICs, which represents Brazil, Russia, India, and China. This acronym named emerging economies that had the potential to pose challenges to Western nations.
The group is perceived as a competitor to the Group of Seven (G-7) developed nations. While the G-7 has faced significant challenges in dealing with substantial budget deficits and increasing unemployment during the past decade, the BRICS countries have experienced more favorable outcomes.
Two out of every five people on the planet are from a BRICS country – that's around 3 billion people.
BRICS collectively occupies a quarter (25 per cent) of the Earth's land area
Approximately 50 per cent of the global workforce resides within BRICS countries.
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