Chart of the Day: The significance of BRICS
Chart of the Day: The significance of BRICS

The growing economic might of the BRICS countries – Brazil, Russia, India, China and South Africa – together with their substantial populations and abundant natural resources, form the foundation of their influence on the international scene.

The group's economic influence has increased over the past few decades, as its members became drivers of global economic growth. It is expected to contribute nearly 40 percent of the global economic growth by 2028, according to Bloomberg calculations based on IMF data.

In 2022, the group's members' combined GDP was $25.9 trillion, accounting for 26 percent of the global GDP, according to data from the World Bank. China, Russia and India are among the world's 10 largest economies.

Total merchandise exports from the group's members reached $5 trillion in 2022, with a share of 20 percent of the world trade, according to the World Trade Organization.

Foreign direct investment (FDI) has played an important role in the growth of BRICS economies since 2001, with annual FDI inflows to them more than quadrupling from 2001 to 2021, according to the UN Conference on Trade and Development. In 2022, net inflows of FDI to the BRICS members was $287.3 billion, with a global share of 16 percent, World Bank data showed.

There were 3.2 billion people living in BRICS countries in 2022, 41 percent of the world's total, according to the World Bank. India is the most populous country worldwide, followed by China.

The five countries covered 38.3 million square kilometers in 2020, 30 percent of the planet's land, according to the World Bank. Brazil, Russia, India and China are among the 10 largest countries in the world by area. Brazil is also the largest country in the southern hemisphere.

BRICS countries are also influential members of leading international organizations and agencies, including the UN, the G20, the World Bank and the IMF. They had 14 percent of the total votes at the World Bank as of July 31, 2023, and 15 percent of the quota share at the IMF as of August 8, 2023.

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Chart of the Day: The origin of BRICS

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