BRICS is an intergovernmental organization of major emerging economies (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, UAE, and Indonesia as of early 2025) designed to foster economic cooperation and increase geopolitical influence. Representing ~45% of the world's population and ~35% of global GDP, it aims to counterbalance Western-dominated institutions.
BRICS is a pivotal grouping that has emerged as a powerful force in shaping the global economic landscape, dedicated to fostering cooperation in areas such as trade, investment, technology, and global governance.
NATO holds a significant military advantage due to superior technology, coordination, and higher spending, particularly with the US, while BRICS wields immense economic and demographic power, focusing on global economic influence and development, making NATO militarily stronger but BRICS influential in shaping global trade and finance. NATO's strength lies in its unified military defense pact, while BRICS's power comes from its large populations, growing economies (China, India), and increasing role in world trade, not battlefield cohesion.
In 2017 BRICS accounted for 19% of global investment inflows. In 2024, the informality rate was 62% while the labour force participation was 60.8%. BRICS+ oil production is almost 30% of global oil output. BRICS contribute to 45% of the global agricultural products.
Recently, the BRICS consortium unveiled its plan for a similar solution, rather boringly called the “unit.” It is to be composed of 40% gold, and 60% of a basket of the domestic fiat currencies of the participating governments, including China, India, Brazil, Russia and so forth.
The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar's dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar's value.
In the long term, if BRICS continues to gain influence, the UK could face slower economic growth, reduced foreign investment, a weaker pound, and increased inflation. Reduced demand and lower property prices may also affect the housing market.
The U.S. remains the largest economy by nominal GDP, reaching an estimated $29 trillion in 2024. The combined nominal GDP of BRICS nations (Brazil, Russia, India, China, and South Africa) is close behind at approximately $27 trillion, though that figure is significantly boosted by China's contribution.
The correct answer is Argentina. Argentina refused to join the BRICS group in 2024. Iran, Saudi Arabia, Egypt, the UAE, and Ethiopia will join BRICS. These countries are expected to become members starting 1 January, 2024.
The NATO Alliance consists of 32 member states from North America and Europe. Article Five of the treaty states that if an armed attack occurs against one of the member states, it should be considered an attack against all members, and other members shall assist the attacked member, with armed forces if necessary.
Founded by Brazil, Russia, India, China, and South Africa, BRICS now includes expanded members, and India's yearlong leadership will guide collaboration on global development and economic resilience.
BRICS is an acronym for Brazil, Russia, India, China, and South Africa, a bloc of countries that formed a partnership following the creation of the term "BRIC" in 2001 by Goldman Sachs economist Jim O'Neill. It didn't include South Africa at the time.
What is its agenda? Originally, BRICS was envisioned to usher in reforms in the global financial governance. At a broader level, it was to pursue democratisation of international relations and provide developing nations a greater say in global governance.
1. United States. The United States ranks at the top in the list of the top 10 powerful countries. The United States has one of the most powerful and modern militaries in the world.
WASHINGTON, July 18 (Reuters) - U.S. President Donald Trump on Friday repeated his threat to slap a 10% tariff on imports from members of the BRICS group of developing nations and said the group would end very quickly if they ever formed in a meaningful way.
Richest and poorest of the BRICS: The richest country with the highest GDP per capita are the United Arab Emirates while the poorest country with the lowest GDP per capita is Ethiopia. The BRICS country with the highest unemployment rate is South Africa with 33%.
The UK economy in 2025 is generally forecast to see modest GDP growth, averaging around 1.4% to 1.5%, an upgrade from earlier expectations due to stronger late 2024/early 2025 data, but with slowing momentum expected later in the year as persistent cost pressures and global uncertainty dampen investment and consumer spending. Key themes include easing inflation (though remaining above target), subdued business investment, muted employment growth, and a gradual decline in interest rates.
In July 2015, Brazil, Russia, India, China, and South Africa, known as BRICS, established the New Development Bank. Despite its small membership, NDB's total project financing matches that of long-standing multilaterals. Its total project approvals by the end of 2024 amounted to $39 billion, according to its website.
However, there are also greater risks involved. Volatility tends to be higher because of political instability, slower growth, and currency fluctuations. Also, the BRICS countries face challenges with corruption, infrastructure gaps, and economic reforms.
Since the creation of the Bretton Woods system in 1944, dollar primacy has served as the foundation of American global power. BRICS lacks the cohesion to displace the dollar outright. But it can provide political cover and institutional form to neutrality against.
