Brazil Emphasizes BRICS’ Role in Improving the Global Economy

The Brazilian president emphasized that the five major emerging economies of the BRICS group including Brazil, Russia, India, China and South Africa can facilitate the passage of the global economy from the coronavirus crisis.

Jair Messias Bolsonaro stated at a BRICS conference that the strength of emerging economies is crucial to improving the international market. 

BRICS Members make up more than 40% of the world’s population and account for about one-third of the world’s gross domestic product.

According to Bolsonaro, while the world is currently facing a very difficult crisis, the BRICS countries can play a crucial role in improving the global economy as part of an overall effort to overcome the Covid-19 crisis.

The Brazilian president further stressed that the return to economic growth depends on the cooperation of more nations. According to him, the collaboration between countries can help improve the situation more than the actions of international organizations.

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Many countries are looking to BRICS members as the new engines for global economic growth

The Brazilian president further stressed that the first BRICS meeting took place in 2009. This was amid one of the most severe crises in history.

At the time, the group was known as BRIC and included Brazil, Russia, India and China. The last letter of the group’s name, “S”,  became incorporated after South Africa joined the group in 2011.

The associate’s members are known for their significant influence on regional affairs. The BRICS aims to promote peace, development and cooperation in the region. Since 2009, the member states meet annually at formal summits. 

The first BRIC summit took place in Russia, in the city of Yekaterinburg. The elected members of the four countries declared the membership formally. The group invited South Africa to join the bloc in December 2010. Since its establishment, the associate had a positive effect on the international system. Besides, the member countries have individually emerged to assume new economic rankings. 

In 2010, China became the second-largest economy in the world. India’s economy holds 10th place currently in the GDP in nominal terms. Besides, in terms of GDP at purchasing power parity, it takes 4th place in the world. 

In 2011, Brazil ranked 6th place in the list of the largest global economies. 

As for Russia, it is the 9th biggest economy. South Africa stands at the 26th place.

Amid the current global economic crisis, many countries globally are looking to BRICS members as the new engines for global economic growth.