The coming together of Brazil, Russia, India, China and South Africa to form an informal bloc, known by the acrynom of BRICS has meant the emergence of not only economical but also a political group of increasing clout in global affairs. Together the BRICS has all the necessary reqiurements of becoming a powerful game changer in the international arena, far too long dominated by a few Western powers.
What are the strengths that these five countries bring together, They are as follows,at 2011, levels :
A combined geographical area of 39.50 million sq. kms.
A strong population of 2985 million population.
The total GDP of$ 20.93 trillion at Purchase Parity Prices.
The total GDP of $ 13.95 trillion at Nominal prices.
The per capita income varies from a high of $ 13,235 in Russia to a low of $ 1,527 in India with Brazil having a healthy $ 12,917, China a moderate $ 5,184 and S Africa having a good $ 8,342 income.
The annual growth rates are 3.9% for Brazil, 3.8% for Rusia, 6.9% for India, 9.5% for China and 3.8% for S. Africa.
It is estimated that by 2020, the GDP of China will be the second largest with Russia at 4th place, followed by India and Brazil at fifth and sixth place and S Africa at 20th number.
In global terms ,BRICS countries combined share in world's economic growth is now touching nearly 50%. The BRICS countries occupy 30% of global land area and have 45% of the world's population. They account for nearly 25% of world's GDP in purchasing power parity terms. In 2011 the trade between the bloc was around $230 bn and is expected to reach $500 bn by 2015.
Recently the BRICS countries have announced their intention to
In international politics also the BRICS can become a rallying point for a large number of nations in Africa,Asia and Latin America andcan help change the existing politcal order controlled by the Western countries especially America. It can help implement UN resolutions as against those generally decided by USA and a few European countries.
The important point is will the BRICS countries stand united against divisive counter moves by the Western countries who would not like their superiority to be both challenged and eroded.
Truly the BRICS bloc will have to be built bric by bric.