What is BRICS and Should We Be Worried About It?

BRICS is an acronym for five major emerging economies: Brazil, Russia, India, China, and South Africa. Formed initially as BRIC in 2009 (South Africa joined in 2010), this group represents a coalition of nations distinguished by their large populations, significant influence in global markets, and potential for economic growth. Together, these five countries cover about 26% of the world’s land area, and 42% of the global population and makeup roughly 24% of the world’s GDP.

The primary goal of BRICS is to promote peace, security, and development, facilitating cooperation across various sectors, including economic growth, trade, and investment. Given Russia’s invasion of Ukraine, this seems like a bit of a sad joke.

Over the years, the BRICS countries have sought to influence the global economic landscape, often countering traditional Western-dominated institutions like the International Monetary Fund (IMF) and the World Bank. Notably, BRICS has established its own New Development Bank (NDB) to fund infrastructure projects and development initiatives in member and non-member countries, offering an alternative to Western financial institutions.