BRICS : Is the Group Really Creating Impact?

In 2001, Jim O'Neill coined the acronym for Brazil, Russia, India and China as the largest emerging markets economies. He expected them to grow faster than the developed countries and to play an increasingly important role in the world. In 2009, BRIC countries held their first summit which in its 3rd summit turned into BRICS with the addition of South Africa. The BRICS now represent 3 billion people and a combined GDP of $16 trillion. The group is the third giant after the EU and the US. Analysts predict that the BRICS will overtake US in terms of GDP this year and the G7 by 2030. In the summit in July 2014, BRICS leaders have approved creating the BRICS New Development Bank which would fund long-term investment in infrastructure and more sustainable development. The economics projections show that till 2040, the BRICS is expected to rule the world market