The BRICS Come of Age
Given the BRICS’ economic success, more than 40 countries have shown an interest in joining the group, and expansion will be high on the agenda of the group's upcoming summit. An enlarged grouping could deepen trade and settlement in local currencies, accelerate de-dollarization, and lead the transition to a more multipolar world.
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CAIRO – Nearly 22 years after Jim O’Neill, then an economist at Goldman Sachs, coined the BRIC acronym to capture the economic potential of Brazil, Russia, India, and China, the group – called the BRICS since the addition of South Africa – contributes more to global GDP (in purchasing-power-parity terms) than the G7. The International Monetary Fund forecasts that China and India alone will generate about half of global growth this year.