BRICS Alliance Explores Expansion Amid Concerns of India and China's Influence
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BRICS, consisting of Brazil, Russia, India, China, and South Africa, is gaining international attention as it currently accounts for one-third of the world's GDP and represents 40% of the global population. The term BRIC was coined in 2002 by British economist Jim O'Neill. However, BRICS still lacks a well-organized organizational structure and political convergence. The New Development Bank, founded in 2014, aimed to compete with the IMF and the World Bank but has not achieved its goals. The BRICS countries can be divided into two groups based on their economic structures: Russia, Brazil, and South Africa rely heavily on raw material exports, while India and China exhibit industrializing tendencies. India and China were less affected by the 2009 crisis and have sustained GDP growth rates ...
#newstr #Brics #GlobalEconomy #Expansion #Dedollarization #InternationalTrade