BRICS

BRICS

1. The BRICS refers to Brazil, Russia, India, China and South Africa, all of which are considered emerging economies with great potential, which may become among the dominant economies by mid-century.

   • They are also countries that are characterized by being among the largest, with Russia at the head, and the most populated on the planet. All of them are rich in natural resources and their gross domestic product (GDP) has grown a lot in recent years.
     • CHARACTERISTICS OF BRICS
       • The BRICS countries have characteristics that are considered key to the potential for economic growth, such as the great territorial extension, wealth in natural resources and absolute population, which can translate into greater opportunities and competitiveness.
         • economic characteristics
           • Per capita income below average.
           • Rapid growth potential.
           • volatility of their markets.
           • Wide risk-benefit ratios, which in ideal scenarios increase the chances of a higher-than-expected return on investment in developed countries.
           • In these days, China is already the third economic power in the world, and it can grow much more. Likewise, in the BRIC countries, half of the world's population, 23% of the world's GDP and more than 40% of the planet's surface are joined.
         • other characteristics
           • The joint territorial extension of the BRICS is equivalent to a third of the world territory.
           • Among the member countries
             • China and India have the largest population within the group and globally
             • India tops the list in population growth
             • la población absoluta de los BRICS superaba el 40% del total mundial
           • The BRICS countries meet specifications that are considered key to the potential for economic growth, such as the great territorial extension, richness in natural elements and absolute population, which can translate into greater opportunities for competitiveness.
         • common goals
           • modify the dollar-based reserve currency system,
           • increase the guarantee of the level of security within the UN (especially due to the unilateral actions of the leading world powers such as the US),
           • achieve an expansion of the membership of the UN Security Council
           • achieve a restructuring of the world trade regime to achieve free trade that benefits them.
         • evolution of its economy
           • It is estimated that in the year 2050 the economies of the BRICS will be the same as the economies of the current economic powers. While they are currently recovering from a serious economic crisis, the BRICS continue to grow. They have a third of the global growth registered in the last decade.
         • Basic characteristics
           • Economic and financial dependence on foreign countries, median
           • Undeveloped technologies
           • Incipient industrialization
           • Internal market in constant growth
           • Production generated in the primary sector
           • Presence in the world market, medium
           • The main functions it carries out refer to multisectoral cooperation, coordination at the political level and economic-financial cooperation. In other words, these are the areas in which the group is most focused at the moment
           • The BRICS countries have characteristics that are considered key to the potential for economic growth, such as the large territorial extension, wealth in natural resources and absolute population, which can translate into greater opportunities for competitiveness.

2. The BRICS countries approved during their fifth summit, in March 2013, the creation of a Development Bank, today the New Development Bank (NBD). The NBD began its operations in 2016.

   • The creation of the NBD seeks to create an alternative path to the World Bank and provide its members with a more significant weight in contrast to the International Monetary Fund. The institution also has the objective of promoting emerging countries and developing economies through the financing of projects related mainly to infrastructure and renewable energies.