Since the beginning of the 21st century, the BRICS countries have been considered the five foremost developing economies in the world. Originally, the term BRIC was used by economists when talking about the emerging economies of Brazil, Russia, India, and China, however these countries have held annual summits since 2009, and the group has expanded to include South Africa since 2010. China has the largest GDP of the BRICS country, at 16.86 trillion U.S. dollars in 2021, while the others are all below three trillion. Combined, the BRICS bloc has a GDP over 24.44 trillion U.S. dollars in 2021, which is slightly more than the United States.
BRICS economic development
China has consistently been the largest economy of this bloc, and its rapid growth has seen it become the second largest economy in the world, behind the U.S.. China's growth has also been much faster than the other BRICS countries; for example, when compared with the second largest BRICS economy, its GDP was less than double the size of Brazil's in 2000, but is almost six times larger than India's in 2021. Since 2000, the country with the second largest GDP has fluctuated between Brazil, Russia, and India, due to a variety of factors, although India has held this position since 2015 (when the other two experienced recession), and it's growth rate is on track to surpass China's in the coming decade. South Africa has consistently had the smallest economy of the BRICS bloc, and it has just the third largest economy in Africa; its inclusion in this group is due to the fact that it is the most advanced and stable major economy in Africa, and it holds strategic importance due to the financial potential of the continent in the coming decades.
It is predicted that China's GDP will overtake that of the U.S. by the end of the 2020s, to become the largest economy in the world, while some also estimate that India will also overtake the U.S. around the middle of the century. Additionally, the BRICS group is more than just an economic or trading bloc, and its New Development Bank was established in 2014 to invest in sustainable infrastructure and renewable energy across the globe. While relations between its members were often strained or of less significance in the 20th century, their current initiatives have given them a much greater international influence. The traditional great powers represented in the Group of Seven (G7) have seen their international power wane in recent decades, while BRICS countries have seen theirs grow, especially on a regional level. Today, the original BRIC countries combine with the Group of Seven (G7), to make up 11 of the world's 12 largest economies, but it is predicted that they will move further up on this list in the coming decades.
Gross domestic product (GDP) of the BRICS countries from 2000 to 2027
(in billion U.S. dollars)
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IMF. (April 19, 2022). Gross domestic product (GDP) of the BRICS countries from 2000 to 2027 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 30, 2022, from https://www.statista.com/statistics/254281/gdp-of-the-bric-countries/
IMF. "Gross domestic product (GDP) of the BRICS countries from 2000 to 2027 (in billion U.S. dollars)." Chart. April 19, 2022. Statista. Accessed November 30, 2022. https://www.statista.com/statistics/254281/gdp-of-the-bric-countries/
IMF. (2022). Gross domestic product (GDP) of the BRICS countries from 2000 to 2027 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 30, 2022. https://www.statista.com/statistics/254281/gdp-of-the-bric-countries/
IMF. "Gross Domestic Product (Gdp) of The Brics Countries from 2000 to 2027 (in Billion U.S. Dollars)." Statista, Statista Inc., 19 Apr 2022, https://www.statista.com/statistics/254281/gdp-of-the-bric-countries/
IMF, Gross domestic product (GDP) of the BRICS countries from 2000 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/254281/gdp-of-the-bric-countries/ (last visited November 30, 2022)