BRICS countries are now the world’s largest economic bloc. They are the world’s top five emerging economies; Brazil, Russia, India, China and South Africa.
In a sign of a changing world, BRICS countries now contribute 31.5% of global GDP based on purchasing power parity. The Group of Seven, the world’s most advanced economies, have fallen to 30.7%, according to data compiled by Acorn Macro Consulting.
In 2015, BRICS founded the New Development Bank headquartered in Shanghai as an alternative to the World Bank and International Monetary Fund.
Since then, the bank has approved 96 projects worth over $32 billion dollars for infrastructure and sustainable development projects across four continents.
Brazilian President Lula de la Silva, who is on a four-day visit to China, stopped in Shanghai Thursday to attend the inauguration ceremony of former Brazilian President Dilma Rousseff as the new head of the BRICS bank. Rousseff pledged to help developing countries.
Joining the discussion:
- Anton Fedyashin is a history professor at American University.
- Chidanand Rajghatta is the foreign editor and U.S. Bureau Chief for the Times of India.
- Gilson Schwartz is a professor of economics at the University of Sao Paulo.
- Yan Liang is an economics professor at Willamette University.
🇧🇷 #Brazil's President #Lula da Silva has kicked off his #China 🇨🇳 visit.
🏦 He attended former Brazilian President #DilmaRousseff's inauguration as head of #NewDevelopmentBank set up by 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦
🪙 The BRICS bank could become the "great bank of the #GlobalSouth," Lula said. pic.twitter.com/EIxHkkxJ6l
— FRANCE 24 English (@France24_en) April 13, 2023