Crumbling BRICS
At this month's BRICS summit in Durban, the leaders of Brazil, Russia, India, China, and South Africa will set ambitious goals. But, given the obstacles to cooperation – from mutual distrust to disparate interests – that exist among them, they are more likely to achieve their goals individually.
https://prosyn.org/7qm6AqE
NEW DELHI – In 2001, when Jim O’Neill of Goldman Sachs coined the acronym BRIC to refer to Brazil, Russia, India, and China, the world had high hopes for the four emerging economies, whose combined GDP was expected to reach $128.4 trillion by 2050, dwarfing America’s projected GDP of $38.5 trillion. When the four countries’ leaders gather on March 26 in South Africa – which joined their ranks in 2010 – for the fifth BRICS summit, their progress and potential will be reassessed.