BRIC

BRIC

1. Russia

   • Russia's economy is a mixed upper-middle-income market economy, the current characteristics of which stem largely from the major reforms of the 1990s, when most Russian industry and agriculture were privatized, although the state maintains ownership in strategic areas of the economy, especially in sectors related to defense and energy.

2. It is made up of Brazil, Russia, India and China

3. The members of the BRIC are considered to be countries that have similar characteristics and that have the necessary capacity to become world economic powers. That is why the five nations decided to ally and collaborate with each other with this common goal

4. The BRIC members have very large populations and extensive territories, two characteristics that give them great potential. In recent years, in addition, they have achieved significant development of their GDP (Gross Domestic Product) and their involvement in international trade.

5. Brazil

   • Brazil is the thirteenth largest economy in the world. The country continues to work on its reconstruction after the recession that occurred seven years ago, when the economy contracted almost 7%. Since then, Brazil has not been able to grow at the same pace it was used to during the decade before the recession. However, Brazil's economy has experienced a slow but steady recovery in recent years. In 2021, GDP is estimated to have grown by 5.2%, mainly driven by the gradual reopening of the economy and increased exports of raw materials. South America's largest economy is expected to grow at a slower pace in the coming years, with the IMF forecasting GDP growth of 1.5% in 2022 and 2% in 2023.

6. India

   • According to the IMF, the Indian economy grew by 9.5% in 2021, mainly driven by strong exports and domestic private investment. The measures put in place by the government to contain the virus have aggravated pre-existing problems across the country. Private consumption is likely to recover slowly due to the weak outlook, as rising unemployment caused by the pandemic sent millions of migrant workers back to rural areas, as jobs in cities were lost. Even so, according to the IMF, the economy is expected to continue a steady growth in the coming years, registering an estimated GDP growth of 8.5% in 2022 and 6.6% in 2023.

7. China

   • China is the world's second largest economy, the largest exporter and has the largest foreign exchange reserves in the world. However, although China has one of the fastest growing GDP in the world, in 2020 economic growth slowed sharply to 2.3%, from 6.1% in 2019, due to the impact of the COVID-19 pandemic. . The context of 2019 was already the result of a structural slowdown, as the economy moves away from an investment-focused growth model and the Government implements policies to reduce financial vulnerabilities. At the time, resilient external demand and strong domestic household consumption bolstered this growth, despite growing concerns about financial risks in a context of government-led economic restructuring. In 2021, growth returned strongly to 8%. New sectors such as e-commerce and online financial services are gaining momentum in an economy dominated by export-oriented sectors. According to IMF forecasts for October 2021, the GDP trend will stabilize at 5.6% in 2022

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