Round University Ranking (RUR Ranking) is a Moscow , Russia -based world university ranking , assessing effectiveness of 700 leading world universities based on 20 indicators distributed among 4 key dimension areas: teaching, research, international diversity, and financial sustainability.
111-576: The Round University Ranking has been published since 2010. 700 universities were evaluated in the RUR 2016 edition, including 91 higher education institutions of the BRICS economies. The RUR rankings are based entirely on InCites, the evaluation and benchmarking engine from Thomson Reuters for scientific research. The raw data for RUR Ranking is provided within a special annual survey run by Thomson Reuters - Global Institutional Profiles Project (GIPP). The data for GIPP
222-474: A NATO member since 18 February 1952 and is also a European Union candidate country. Turkey's EU membership process started on 3 October 2005 but was frozen on 13 March 2019. In September 2022, Turkish President Recep Tayyip Erdoğan announced that his country would apply for membership in the Shanghai Cooperation Organisation . On 11 July 2024, President Recep Tayyip Erdoğan stated in
333-546: A 2010 report from Goldman Sachs, China might surpass the United States in equity market capitalization terms by 2030 and become the single largest equity market in the world. By 2020, America's GDP might be only slightly larger than China's GDP . Together, the four BRICs may account for 41% of the world's market capitalization by 2030, the report said. By 2015, Goldman Sachs quietly closed down its BRIC fund after lost 88 percent of its asset value since 2010, instead channeling
444-563: A Future with BRICs for European publisher Springer Verlag that examines the growth of the BRICs region and its effect on global sourcing. Brazilian lawyer and author Adler Martins has published a paper called "Contratos Internacionais entre os países do BRIC" (International Agreements Among BRIC countries) which highlights the international conventions ratified by the BRIC countries, which allow them to maintain trade and investment activities safely within
555-402: A decade later India would begin to dominate the world economy. However, it was noted that despite the balance of future growth swinging so decisively towards the BRIC economies, the average level of individuals in the more advanced economies will continue to far outstrip the BRIC economic average for the foreseeable future. The report also highlights India's inefficient energy consumption at
666-404: A decade. This predicted a massive rise in the size of the middle class in these nations. The report also includes calculations that in 2025, the number of people in BRIC nations earning over $ 15,000 would reach over 200 million people. This indicates that a huge pickup in demand will not be restricted to basic goods but impact higher-priced goods as well. According to the report, first China and then
777-585: A force for world peace. Western analysts have highlighted potential divisions and weaknesses in the grouping, including significant economic instabilities, disagreements among the members over UN Security Council reform, and India and China's disputes over territorial issues. On 9 April 2013, Isobel Coleman , director of the Civil Society, Markets, and Democracy Program at the American think tank Council on Foreign Relations , and later U.S. representative to
888-617: A formal decision 3 - Officially invited to join as Partner State Currently, the group is dominated by China, which has the largest share of the group's GDP, accounting to about 70% of the organization total. The financial architecture of BRICS is made of the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). These components were signed into a treaty in 2014 and became active in 2015. The New Development Bank (NDB), formally referred to as
999-404: A formal trading association which this move signifies. The BRIC term is also used by companies who refer to the four named countries as key to their emerging markets strategies. By comparison, the reduced acronym IC would not be attractive, although the term " Chindia " is often used. BRIC's study specifically focuses on large countries, not necessarily the wealthiest or the most productive and
1110-466: A more significant managing role. China also wanted to be the location of the reserve. In October 2013, Russia's Finance Minister Anton Siluanov said that creating a $ 100 billion in funds designated to steady currency markets would be taken in early 2014. The Brazilian finance minister, Guido Mantega , confirmed that the fund would be created by March 2014. However, by April 2014, the currency reserve pool and development bank had yet to be set up, and
1221-574: A multitude of bilateral or even quadrilateral agreements. Evidence of agreements of this type are abundant and are available on the foreign ministry websites of each of the four countries. Trilateral agreements and frameworks made among the BRICs include the Shanghai Cooperation Organisation (member states include Russia and China, observers include India) and the IBSA Trilateral Forum , which unites Brazil, India, and South Africa in annual dialogues. The Russia-India-China (RIC) strategic triangle
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#17328864238641332-450: A new global reserve currency , which would have to be "diverse, stable and predictable." Although the statement that was released did not directly criticize the perceived "dominance" of the US dollar – something that Russia had criticized in the past – it did spark a fall in the value of the dollar against other major currencies. In 2010, South Africa began efforts to join the BRIC grouping, and
1443-475: A political and economic organization largely based on such grouping. The grouping has been rendered as " the BRICs ", "the BRIC countries ", "the BRIC economies ", or alternatively as the " Big Four ". The term was first coined by economist Jim O'Neill and later championed by his employer Goldman Sachs in 2001. O'Neill identified the four countries as emerging markets and rising economic powers which were at
1554-435: A political club" and that the organisation appeared to exist just as "a club that the US is not a part of." In 2001, Jim O'Neill , a global economist at Goldman Sachs at the time, proposed that the economic potential of Brazil , Russia , India and China is such that they could become among the most dominant economies by 2050. At the time, these countries encompassed over 25% of the world's land coverage and 40% of
1665-433: A reflection of where economic power and influence is starting to move." The International Monetary Fund estimated emerging markets might expand 6.5 percent in 2011, more than double the 2.5 percent rate for developed countries. BRIC's takeover made record by 22 percent of global deals or increase by 74 percent in one year and more than quadrupled in the last five years. According to The World Bank Doing Business report 2019
1776-513: A series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg , Russia, on 16 June 2009. The BRIC grouping's 1st formal summit , also held in Yekaterinburg, commenced on 16 June 2009, with Luiz Inácio Lula da Silva , Dmitry Medvedev , Manmohan Singh , and Hu Jintao , the respective leaders of Brazil, Russia, India, and China, all attending. The summit's focus
1887-429: A similar stage of newly advanced economic development. Goldman Sachs, of which O'Neill was the head of global economics research, would continue reporting and investing in their BRIC fund until 2015. In a 2023 retrospective article, O'Neill commented that after the term's initial proposal, it gained an outsized popularilty in the 2000s and 2010s to explain the economic conditions of the four countries. He also conceded that
1998-579: A single data platform for the mutual benefit of participating countries. Since 2012, the BRICS group of countries has been planning an optical fiber submarine communications cable system to carry telecommunications between the BRICS countries, known as the BRICS Cable . Part of the motivation for the project was the spying of the U.S. National Security Agency on all telecommunications that flowed in and out of United States territory. As of 2023, construction of
2109-592: A smooth comeback and a continuation of economic trade pre-COVID-19. The 2020 BRICS summit was held virtually in St. Petersburg, Russia, and discussed how to handle the COVID-19 pandemic and how to fix the multilateral system via reforms. During the 13th BRICS summit, in 2021, Indian Prime Minister Narendra Modi called for a transparent investigation into the origins of COVID-19 under the World Health Organization with
2220-448: A special report on Brazil, expressed the following view: "In some ways, Brazil is the steadiest of the BRICs. Unlike China and Russia, it is a full-blooded democracy; unlike India, it has no serious disputes with its neighbors. It is the only BRIC without a nuclear bomb". The Heritage Foundation 's Indices of Economic Freedom , which measures factors such as protection of property rights and free trade ranks Brazil "moderately free" above
2331-604: A statement to the U.S. Newsweek magazine that they did not consider Turkey's membership in NATO as an alternative to the Shanghai Cooperation Organisation and BRICS. Algeria previously applied for membership in 2023, but later rejected it in September 2024, making Algeria the second country after Argentina to decline and stop its application. Following the 2024 BRICS summit, Brazil blocked Venezuela's application to
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#17328864238642442-496: A way of extracting political concessions from the United States, such as the proposed nuclear cooperation with India. The BRIC thesis recognizes that Brazil , Russia , India and China have changed their political systems to embrace global capitalism . Goldman Sachs predicts that China and India, respectively, will become the dominant global suppliers of manufactured goods and services , while Brazil and Russia will become similarly dominant as suppliers of raw materials. Of
2553-529: Is "Another 'BRIC' in Global Wall", suggesting that it stands out from the Next Eleven economies with its BRIC-like growth rate, despite its Human Development Index being higher than some of the world's most advanced economies, including France , United Kingdom , Austria , Denmark , Finland and Belgium . South Korean workers are the wealthiest among major Asian countries, with a higher income than Japan and
2664-426: Is a "gateway" to Southern Africa and Africa in general as the most developed African country. China is South Africa's largest trading partner, and India wants to increase commercial ties with Africa. South Africa is also Africa's largest economy, but as number 31 in global GDP economies it is far behind its new partners. Jim O'Neill expressed surprise when South Africa joined BRIC since South Africa's economy
2775-439: Is a BRIC miracle it's first and foremost a Chinese one". The "growth gap" between China and other large emerging economies such as Brazil, Russia and India can be attributed to a large extent to China's early focus on ambitious infrastructure projects: while China invested roughly 9% of its GDP on infrastructure in the 1990s and 2000s, most emerging economies invested only 2% to 5% of their GDP. This considerable spending gap allowed
2886-599: Is a quarter of the size of Russia's (the least economically powerful BRIC nation). He believed that the potential was there but did not anticipate inclusion of South Africa at this stage. Martyn Davies, a South African emerging markets expert, argued that the decision to invite South Africa made little commercial sense but was politically astute given China's attempts to establish a foothold in Africa. Further, South Africa's inclusion in BRICS may translate to greater South African support for China in global fora. He has great belief that
2997-656: Is an intergovernmental organization comprising nine countries - Brazil , Russia , India , China , South Africa , Iran , Egypt , Ethiopia , and the United Arab Emirates . BRICS was originally identified to highlight investment opportunities . To some , the grouping evolved into a geopolitical bloc. Participating governments meet annually at formal summits and coordinating multilateral policies since 2009. Relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit . The founding countries of Brazil, Russia, India, and China held
3108-553: Is collected annually in April - May. Altogether there are 20 indicators divided into four groups: teaching, research, international diversity and financial sustainability. The first two groups obtain 40 percent each, the second ones get 10 percent. The final methodology also includes the weight of each of the 20 indicators and is shown below Apart from the main Overall Ranking, which is calculated based upon 20 indicators in accordance with
3219-507: Is designed to be independent of any single nation or central bank, and every central bank can opt out and has control of their central's bank digital currency exchange rate. MBridge was already far more efficient than SWIFT In 2012, Hu Jintao , the then General Secretary of the Chinese Communist Party and President of China , described the BRICS countries as defenders and promoters of developing countries and
3330-468: Is expected to have a higher GDP per capita than all but three European countries by 2050, this newfound local wealth also contributes to the nation's economy by creating a large domestic consumer market which in turn creates more jobs. South Korea is one of the world's most highly developed countries and including it with developing countries like the BRICs is not deemed correct. However, commentators such as William Pesek from Bloomberg argue that Korea
3441-431: Is happening in the country, which the report predicts would lead to the prosperity of the growing middle class . Demographically, India had 10 of the 30 fastest-growing urban areas in the world at the time. Based on trends at the time, an estimated 700 million Indians will move to cities by 2050. Such a demographic change would have significant implications for demand for urban infrastructure, real estate, and services. In
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3552-558: Is in a league of its own compared to the other BRIC countries. As David Rothkopf wrote in Foreign Policy , "Without China, the BRICs are just the BRI, a bland, soft cheese that is primarily known for the whine [sic] that goes with it. China is the muscle of the group and the Chinese know it. They have effective veto power over any BRIC initiatives because without them, who cares really? They are
3663-431: Is larger than that of the three other BRIC economies (Brazil, Russia, and India) combined. Moreover, China's exports and its official foreign-exchange reserves are more than twice as large as those of the other BRICs combined. In that perspective, some pension investment experts have argued that "China alone accounts for more than 70% of the combined GDP growth generated by the BRIC countries [from 1999 to 2010]: if there
3774-479: Is no South Africa of BRIC S in the above table. In 2030, the sole country from Africa is Nigeria and the US is still number one, but China almost overtakes the US. The following three tables are lists of economies by incremental GDP from 2006 to 2050 by Goldman Sachs . They illustrate that the BRICs and N11 nations are replacing G7 nations as the main contributors to the world's economic growth. From 2020 to 2050, nine of
3885-490: Is still considering joining. Currently, the group is dominated by China, which has about 70% of the organization total GDP . Combined, the BRICS members encompass about 30% of the world's land surface and 45% of world population. South Africa has the largest economy in Africa whereas Brazil, India, and China are among the world's ten largest countries by population , area , and gross domestic product (GDP, nominal and PPP ). All five initial member states are members of
3996-477: Is used to refer to the bonds emitted by these emerging markets governments. O'Neill would later coin several other terms for groupings of emerging economies at various stages. First, the term "The Next Eleven" referred to Bangladesh , Egypt , Indonesia , Iran , Mexico , Nigeria , Pakistan , the Philippines , South Korea , Turkey , and Vietnam , arguing they would be among the world's largest economies in
4107-570: The 2011 BRICS summit in Sanya , China as a full member. In June 2012, the BRICS nations pledged $ 75 billion to boost the lending power of the International Monetary Fund (IMF). However, the proposed loan was conditional on IMF voting reforms. In March 2013, during the fifth BRICS summit in Durban , the member countries agreed to create a global financial institution to cooperate with
4218-546: The 7th BRICS summit in July 2015. At the 2015 BRICS summit in Russia, ministers from the BRICS states initiated consultations for a payment system that would be an alternative to the SWIFT system. The stated goal was to initially move to settlements in national currencies. The Central Bank of Russia highlighted the main benefits as backup and redundancy in case there were disruptions to
4329-529: The Bovespa , has gone from approximately 9,000 in September 2002 to over 70,000 in May 2008. Government policies have favored investment (lowering interest rates), retiring foreign debt and expanding growth, and a reformulation of the tax system is being voted in the congress. The British author and researcher Mark Kobayashi-Hillary wrote a book in 2007, along with contributors Nandan Nilekani and Shiv Nada , titled Building
4440-481: The Czech Republic , Slovakia , Hungary , Bulgaria , and several others were able to continually sustain high economic growth rates and do not experience some of the problems that Russia experiences or experience them to a lesser extent. In terms of GDP per capita in 2008, Brazil ranked 64th, Russia 42nd, India 113th, and China 89th. By comparison, South Korea ranked 24th and Singapore 3rd. Brazil's stock market,
4551-542: The G20 , with a combined nominal GDP of US$ 28 trillion (about 27% of the gross world product), a total GDP (PPP) of around US$ 65 trillion (35% of global GDP PPP), and an estimated US$ 5.2 trillion in combined foreign reserves (as of 2024). To some in the West , the BRICS countries are considered the alternative to Western dominated institutions led by nations of the G7 bloc comprising some of
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4662-809: The International Monetary Fund (IMF). Along with the New Development Bank , it is an example of increasing South-South cooperation. It was established in 2015 by the BRICS countries. The legal basis is formed by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement , signed in Fortaleza in July 2014. With its inaugural meetings of the BRICS CRA Governing Council and Standing Committee, held on 4 September 2015, in Ankara, Turkey It entered into force upon ratification by all BRICS states, announced at
4773-627: The United States by 2040 to become the world's wealthiest major economy. While measuring the South Korean economy by nominal GDP is inaccurate as the South Korean won is artificially kept low to boost exports , the IMF predicted South Korea's nominal GDP and GDP per capita will surpass Spain in 2015. Economists from other investment firms argue that even when measured by nominal GDP per capita , South Korea will achieve over $ 145,000 in 2040, surpassing
4884-466: The first leaders summit in Russia in 2009 under the name BRIC . Following a renaming of the organization, South Africa attended its first summit as a member in 2011 after joining the group in 2010 . Iran, Egypt, Ethiopia, and the United Arab Emirates attended their first summit as member states at the 2024 summit in Russia . Saudi Arabia has not responded to an invitation to join BRICS, and
4995-421: The "S" in "BRICS" could be replaced eventually by SADC . African credentials are important geopolitically, giving BRICS a four-continent breadth, influence and trade opportunities. South Africa's addition is a deft political move that further enhances BRICS' power and status. In the original essay that coined the term, Goldman Sachs did not argue that the BRICs would organize themselves into an economic bloc, or
5106-595: The 2023 BRICS summit in South Africa. Fair and easier international trade as well as a major reduction in costs of transactions would be some of the reasons why the countries could forge a currency union. BRICS Bridge ,(a successor of MBridge , and probably a merger with BRICS PAY ,) makes it possible for central banks to support cross border transactions and payments with their own central bank digital currency CBDC, based on an automatic cross-border Interbank payment system for settlement and clearance. It
5217-592: The 21st century. O'Neill next used the term MIKT for Mexico, Indonesia, South Korea, and Turkey. MINT was another acronym coined by O'Neill standing for Mexico, Indonesia, Nigeria, and Turkey. Primarily, along with the BRICs, Goldman Sachs argues that the economic potential of Brazil, Russia, India, Mexico and China is such that they may become (with the United States) the six most dominant economies by 2050. Due to Mexico's rapidly advancing infrastructure, increasing middle class and rapidly declining poverty rates it
5328-646: The BRIC economies introduced a total of 21 reforms, with getting electricity and trading across borders the most common areas of improvement. Various sources refer to a purported "original" BRIC agreement that predates the Goldman Sachs thesis. Some of these sources claim that President Vladimir Putin of Russia was the driving force behind this original cooperative coalition of developing BRIC countries. However, thus far, no text has been made public of any formal agreement to which all four BRIC states are signatories. This does not mean, however, that they have not reached
5439-475: The BRIC economies, these gains have largely been the result of the strength of emerging markets generally, and that strength comes through having BRICs and CEMENT. Based on IMF's World Economic Outlook Database, published in October 2016, the top economies in 2021 (by projected nominal gross domestic product (GDP)) are projected to be, in order, China, United States, India, Japan, Germany, Russia, Indonesia, Brazil,
5550-607: The BRICS Development Bank, is a multilateral development bank operated by the five BRICS states. The bank's primary focus of lending is infrastructure projects with authorized lending of up to $ 34 billion annually. South Africa hosts the African headquarters of the bank. The bank has a starting capital of $ 50 billion, with wealth increased to $ 100 billion over time. Brazil, Russia, India, China, and South Africa initially contributed $ 10 billion each to bring
5661-421: The BRICS organisation, was held between the leaders of the four countries, with later summits involving South Africa beginning in 2010 . O'Neill commented on the 2010 summit by drawing a distinction between his BRIC term and the BRICS organisation, arguing that South Africa was too small as an economy to join the BRIC ranks. In further comments in 2023, O'Neill stressed that he "never encouraged them to develop
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#17328864238645772-455: The BRICS. On 29 December 2023 the Government of Argentina sent a letter to all BRICS leaders to officially announce its withdrawal from the application process. Saudi Arabia did not join BRICS at the start of 2024 as had been planned, and they announced in mid-January that they were still considering the matter. As of April 2024, the matter is still under consideration. The organizers touted
5883-798: The Brazilian economy was worth $ 2.09 trillion while UK economy was worth $ 2.25 trillion. The significant increases were attributed to a Brazilian economic boom in high food and oil prices. Since the beginning of the Great Recession , in Q3 2013 the economy of Brazil contracted by 0.5 percent compared with the previous quarter, being the first contraction since Q1 2009. In June 2012, following Standard & Poor's (S&P) report that India's growth outlook could deteriorate if policymaking and governance did not improve, Fitch Ratings cut its credit outlook for India from stable to negative while maintaining its BBB− rating,
5994-416: The Chinese economy to grow at near-optimal conditions while many South American and South Asian economies suffered from various development bottlenecks (poor transportation, aging power grids, mediocre schools). In 2024, Jim O'Neill himself, when referring to the BRICS organisation , said that "without the Chinese presence, I don't think there would be much real importance, at all, to the BRICS group" due to
6105-545: The Great Recession and impact of COVID-19 pandemic . In late 2010, China surpassed Japan's GDP for the first time, with China's GDP standing at $ 5.88 trillion compared to Japan's $ 5.47 trillion. China thus became the world's second-largest economy after the United States. For the year 2013, for the first time China surpassed $ 4 trillion in world trade and become the world's largest trading country, consisting of $ 2.21 trillion in exports and $ 1.95 trillion in imports. While
6216-703: The Russian president announced that he will not personally attend the BRICS summit in Johannesburg on 22–24 August despite good relations with the South African government. Russian news channels noted that Putin will remotely participate online in all BRICS leaders' sessions, including its Business Forum, and also deliver his remarks virtually. In August 2023, at the 15th BRICS Summit , South African President Cyril Ramaphosa announced that 6 emerging market group countries ( Argentina , Egypt, Ethiopia, Iran, Saudi Arabia , and
6327-563: The SWIFT system. China also launched its alternative to SWIFT: the Cross-Border Interbank Payment System , which enables financial institutions worldwide to send and receive information about financial transactions. India also has its alternative Structured Financial Messaging System (SFMS) , as do Russia SPFS and Brazil Pix . BRICS countries committed to study the feasibility of a new common currency or similar, at
6438-425: The U.K., and France. Mexico and South Korea are currently the world's 13th and 15th largest by nominal GDP just behind the BRIC and G7 economies. Both are experiencing rapid GDP growth of 5% every year, a figure comparable to Brazil from the original BRICs. Jim O'Neill , creator of the economic thesis, stated that in 2001 when the paper was created, it did not consider Mexico, but today it has been included because
6549-552: The UN, claimed that the BRICS members share a lack of consensus. They uphold drastically different political systems, from vibrant liberal democracies in Brazil and South Africa to entrenched oligarchy in Russia, and their economies are poorly integrated and differ in size by orders of magnitude. She also claimed that the significant difference in GDP influences the reserves: China accounts for over 41% of
6660-584: The United Arab Emirates) had been invited to join the bloc. Full membership was scheduled to take effect on 1 January 2024. However, the Argentine general election in November 2023 led to a change in president to Javier Milei , who had committed to withdraw the country's membership application. On 30 November 2023, incoming Foreign Minister of Argentina Diana Mondino confirmed that Argentina would not join
6771-573: The United States for 11 months of 2013 world trade figure totaling $ 3.5 trillion and seems cannot beat China. China's world trade balance in 2013 had a surplus of almost $ 260 billion, a 12.8% increased from the prior year. According to the National Institute of Economic and Social Research , based on International Monetary Fund figures, in 2012 Brazil became the sixth-largest economy in the world by overtaking United Kingdom with $ 2.52 trillion and $ 2.48 trillion, respectively. Comparatively in 2010,
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#17328864238646882-580: The United States, suggesting that wealth is more important than size for bond investors, stating that Korea's credit rating will be rated AAA sooner than 2050. In September 2009, Goldman Sachs published its 188th Global Economics Paper named "A United Korea?" which highlighted in detail the potential economic power of a United Korea , which would surpass all current G7 countries except the United States and Japan within 30–40 years of reunification, estimating GDP to surpass $ 6 trillion by 2050. The young, skilled labor and large amount of natural resources from
6993-577: The United States. Brazil was predicted to be in the fifth position. This was attributed due to the global economic center shifting from the Atlantic to the Asia Pacific region. The economics team at Goldman Sachs released a follow-up report to its initial BRIC study in 2004. The report states that in the BRIC nations, the number of people with an annual income over a threshold of $ 3,000 will double in number within three years and reach 800 million people within
7104-484: The bloc, largely due to the disputed 2024 Venezuelan elections and the Venezuelan crisis . The country in response recalled its ambassador from Brazil. The following countries have either expressed interest in joining BRICS or have already applied for membership: Africa Americas Asia Europe 1 - Officially applied for membership 2 - Officially invited to join as Member State, but have yet to make
7215-449: The club were widely held. Leaders and senior diplomats from the participating members began to discuss the prospect of adding additional members to the organization at that point. In August 2023, at the 15th BRICS Summit, South African President Cyril Ramaphosa announced that Argentina , Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates had been invited to join the organization on 1 January 2024. On 30 December 2023,
7326-429: The comparatively much lower growth rate seen in Brazil. However, Brazil's lower growth rate obscures the fact that the country is wealthier than China or India on a per-capita basis, has a more developed and global integrated financial system and has an economy potentially more diverse than the other BRICs due to its raw material and manufacturing potential. Many other Eastern European countries, such as Poland , Romania ,
7437-402: The contradictions within the organization, such as the border dispute between China and India , and called for greater Western engagement with India as part of a new strategic alliance. BRIC BRIC is a term describing the foreign investment strategies grouping acronym that stands for Brazil , Russia , India , and China . The separate BRICS organisation would go on to become
7548-475: The contribution, which in turn leads to its bigger political say within the association. A multi-year study at Tufts University published in July 2023 found that the "common portrayal of BRICS as a China-dominated group primarily pursuing anti-U.S. agendas" was misplaced. The study asserted: "The BRICS countries connect around common development interests and a quest for a multipolar world order in which no single power dominates. Yet BRICS consolidation has turned
7659-603: The country is experiencing the same factors that the other countries first included present. While South Korea was not originally included in the BRICs, recent solid economic growth led to Goldman Sachs proposing to add Mexico and South Korea to the BRICs, changing the acronym to BRIMCK, with Jim O'Neill pointing out that Korea "is better placed than most others to realize its potential due to its growth-supportive fundamentals". A Goldman Sachs paper published later in December 2005 explained why Mexico and South Korea were not included in
7770-467: The country's influence and power relative to other members. Other critics suggest that BRIC is nothing more than a neat acronym for the four largest emerging market economies, but in economic and political terms nothing else links the four (apart from the fact that they are all big emerging markets). While China and India are manufacturing-based economies and rely on imports, Brazil and Russia are large exporters of natural resources. The Economist , in
7881-559: The date was rescheduled to 2015. In July 2014, during the sixth BRICS summit in Fortaleza , the BRICS members signed a document to create the US$ 100 ;billion New Development Bank (formerly known as the "BRICS Development Bank") and a reserve currency pool worth over another US$ 100 billion. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also signed. The Fortaleza summit
7992-590: The economic indicators are remarkably similar in global rankings between the different economies. It also suggests that, while economic arguments can be made for linking Mexico into the BRIC thesis, the case for including South Korea looks considerably weaker. Note: All data above is from Goldman Sachs, except the 2030 USDA column is data from U.S. Department of Agriculture (2030 USDA) about World's 20 Largest Economies in 2030, but only 16 match with Goldman Sachs data. In 2030 USDA, Mexico and Indonesia will topple South Korea (please see Section Proposed inclusions ). There
8103-423: The enormous potential markets in the BRIC countries. This would present itself in the automobile and other manufactured goods markets, as companies would produce far cheaper goods affordable to the consumers within the BRIC economies in lieu of the luxury models that may traditionally bring the most revenue. The report cites India and China as examples of countries which had already begun making their presence felt in
8214-803: The expansion as part of a plan to build a competing multipolar world order that uses Global South countries to challenge and compete against the western-dominated world order. China Daily used the expansion to claim that more developing countries were interested in joining BRICS. On 24 October 2024, an additional 13 countries, namely Algeria , Belarus , Bolivia , Cuba , Indonesia , Kazakhstan , Malaysia , Nigeria , Thailand , Turkey , Uganda , Uzbekistan and Vietnam , were invited to participate as partner countries. No membership invitations were extended. The grouping has held annual summits since 2009, with member countries taking turns to host. Before South Africa's admission, two BRIC summits were held, in 2009 and 2010. The first five-member BRICS summit
8325-457: The financial and economic development of key emerging nations such as Brazil, India, China, and Russia. For global investors, India and China constitute both large-scale production platforms and reservoirs of new consumers, whereas Russia is viewed essentially as an exporter of oil and commodities- Brazil and Latin America being somehow "in the middle". Academics and experts have suggested that China
8436-407: The four BRIC countries and South Korea should not be really thought of as emerging markets in the classical sense", adding that they are a "critical part of the modern globalised economy" and "just as central to its functioning as the current G7". The term is primarily used in the economic and financial spheres as well as in academia . Its usage has grown specially in the investment sector, where it
8547-465: The four countries, Brazil remains the only polity that can continue all elements, meaning manufacturing, services, and resource supplying simultaneously. Cooperation is thus hypothesized to be a logical next step among the BRICs because Brazil and Russia together form the logical commodity suppliers. In 2016, an Australian economist predicted that in 2050, China and India will be first and second respectively in terms of GDP per capita spending, surpassing
8658-453: The full cooperation of "all countries", and Chinese leader Xi Jinping spoke directly afterwards, calling on BRICS countries to "oppose politicisation" of the process. In May 2023, South Africa announced that they would be giving diplomatic immunity to Vladimir Putin and other Russian officials so that they could attend the 15th BRICS Summit despite the ICC arrest warrant for Putin . In July 2023,
8769-448: The fund into emerging markets countries. Jim O'Neill, the inventor of the term "BRIC", was the former chief economist of Goldman Sachs and retired from the firm in 2013. The head of emerging markets for Morgan Stanley Investment Management, Ruchir Sharma , released a book in 2012 entitled Breakout Nations . Sharma posited that such rapid growth for more than a decade is difficult to maintain, with outside commenters connecting this to
8880-490: The group into a potent negotiation force that now challenges Washington's geopolitical and economic goals". After the August 2023 BRICS Summit, Con Coughlin —defense and foreign affairs editor at The Daily Telegraph —claimed "the challenge BRICS presents to the established world order seems destined to failure" and accused the organization of being used by China as a vehicle for expanding its global influence. Coughlin also noted
8991-470: The group. The capital "S" in BRICS stands for South Africa. President Jacob Zuma attend the BRICS summit in Sanya in April 2011 as a full member. South Africa stands at a unique position to influence African economic growth and investment. According to Jim O'Neill of Goldman Sachs who originally coined the term, Africa's combined current gross domestic product is reasonably similar to that of Brazil and Russia, and slightly above that of India. South Africa
9102-625: The group. Martin's study is being further developed by the Federal University of the Minas Gerais State, in Brazil. Some observers have argued that geographic diversification would eventually generate superior risk-adjusted returns for long-term global investors by reducing overall portfolio risk while capturing some of the higher rates of return offered by the emerging markets of Asia , Eastern Europe and Latin America . By doing so, these institutional investors have contributed to
9213-595: The leading developing economies. Together they have implemented competing initiatives such as the New Development Bank , the BRICS Contingent Reserve Arrangement , the BRICS pay , the BRICS Joint Statistical Publication and the BRICS basket reserve currency. BRICS has received both praise and criticism from numerous commentators. The term BRIC was originally developed in the context of foreign investment strategies. It
9324-506: The lowest investment-grade rating. A week before Fitch released the rating, S&P stated that India could become the first of the BRIC countries to lose investment-grade status. Based on a March 2011 Forbes report, the BRIC countries counted 301 billionaires among their combined populations, exceeding the number of billionaires in Europe, which stood at 300 in 2011. A Goldman Sachs paper published in December 2005 explained why Mexico
9435-662: The methodology described above, the RUR system also demonstrates 4 additional rankings which echo the main groups of rating groups of indicators: Round University Rankings contain all of the indicators used in the Times Higher Education (THE) world rankings, except for the "industry innovation: income" indicator. The rankings also include some additions such as national and international measures of teaching reputation, citations per academic and research staff, papers per academic and research staff, papers per research income and normalized citations impact. BRICS BRICS
9546-425: The new government of Argentina, which formally applied for BRICS membership under Alberto Fernández 's government in 2022, officially declined the offer to join the bloc due to the new government's different foreign policy. On 1 January 2024, Egypt, United Arab Emirates, Ethiopia and Iran officially joined the bloc. On 2 September 2024, Turkey officially applied to join the bloc. At the same time, Turkey has been
9657-526: The next BRIC. Analysts from rival banks have sought to move beyond the BRIC concept, by introducing their own groupings of emerging markets. Proposals include CIVETs (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa), the EAGLES (Emerging and Growth-Leading Economies) and the 7 percent club (which includes those countries which have averaged economic growth of at least 7 percent a year). In their paper "BRICs and Beyond", Goldman Sachs stated that "Mexico,
9768-506: The one with the big reserves . They are the biggest potential market . They are the U.S. partner in the G2 (imagine the coverage a G2 meeting gets vs. a G8 meeting) and the E2 (no climate deal without them) and so on." Deutsche Bank Research stated in a report that "economically, financially and politically, China overshadows and will continue to overshadow the other BRICs". It added that China's economy
9879-436: The original BRICs. According to the paper, among the other countries they looked at, only Mexico and South Korea have the potential to rival the BRICs, but they are economies that they decided to exclude initially because they looked to them as already more developed. However, due to the popularity of the Goldman Sachs thesis, "BRIMC" and "BRICK" are becoming more generic marketing terms to refer to these six countries. Because of
9990-552: The other BRICs, which are ranked as "mostly unfree". Henry Kissinger has stated that the BRIC nations have no hope of acting together as a coherent bloc in world affairs and that any cooperation will be the result of forces acting on the individual nations. In a not-so-subtle dig critical of the term as nothing more than a shorthand for emerging markets generally, critics have suggested a correlating term, CEMENT ( C ountries in E merging M arkets E xcluded by N ew T erminology). Whilst they accept there has been spectacular growth of
10101-576: The popularity of the Goldman Sachs thesis "BRIC", this term has sometimes been extended whereby "BRICK" (K for South Korea) and "BRIMC" (M for Mexico) refer to these proposed expansions. Other proposed groupings include "BRICA" ( GCC Arab countries— Saudi Arabia , Qatar , Kuwait , Bahrain , Oman and the United Arab Emirates ) and "BRICET" (including Eastern Europe and Turkey ) and have become more generic marketing terms to refer to these emerging markets. In an August 2010 op-ed , Jim O'Neill of Goldman Sachs argued that Africa could be considered
10212-408: The potential for the BRIC economies to slow their rapid economic rise. This idea was partially accepted by O'Neill in 2023, who commented that in the time since the initial proposal of the BRIC term, the BRIC economies were unlikely to reach the 2050 projections published in the Goldman Sachs reported. O'Neill attributed this to post-2012 developments including government decisions and consequences from
10323-474: The process for its formal admission began in August of that year. South Africa officially became a member nation on 24 December 2010, after being formally invited by China to join and was subsequently accepted by other BRIC countries. The group was renamed BRICS –with the "S" standing for South Africa– to reflect the group's expanded membership. In April 2011, the President of South Africa , Jacob Zuma , attended
10434-615: The proposed cable network had not started. In August 2019, the communications ministers of the BRICS countries signed a letter of intent to cooperate in the Information and Communication Technology sector. This agreement was signed in the fifth edition of the meeting of communication ministers of countries member of the group held in Brasília , Brazil. The New Development Bank plans on giving out $ 15 billion to member states to help their struggling economies. Member countries are hoping for
10545-404: The reports published by Goldman Sachs, which presented an optimistic possibility of the BRIC economies in the year 2050, were most likely not going to come true as economic downturns in the 2010s and early 2020s severely altered the trajectory of each country's economies. The acronym was co-opted by the countries themselves beginning in the late-2000s. The 1st BRIC summit in 2009, which founded
10656-682: The revised 2007 figures, based on increased and sustaining growth, more inflows into foreign direct investment, Goldman Sachs predicts that "from 2007 to 2020, India's GDP per capita in US$ terms will quadruple", and that the Indian economy will surpass the United States (in US$ ) by 2043. At the same time, the report indicated that Russia, while continuing its dominance of the European energy market , would continue to struggle economically, as its population declines. According to
10767-657: The service and manufacturing sector respectively in the global arena, with developed economies already taking note of this. A second follow-up report was compiled by lead authors Tushar Poddar and Eva Yi in January 2007. The report unveiled updated projection figures attributed to the rising growth trends in India since 2003. Goldman Sachs asserts that "India's influence on the world economy will be bigger and quicker than implied in our previously published BRICs research". They noted significant areas of research and development and expansion that
10878-674: The strongest growth rate in the OECD . More importantly, it has a significantly higher Growth Environment Score (Goldman Sachs' way of measuring the long-term sustainability of growth) than all of the BRICs or N-11s. According to the IMF , South Korea's GDP measured by purchasing power parity is already larger than Canada and Spain . In terms of GDP per capita (PPP) , South Korea overtook Spain in 2010. According to Citibank, South Korea will continue by overtaking Germany , Britain , Australia and Sweden by 2020, surpassing Canada , Switzerland , Netherlands and Norway by 2030 and taking over
10989-556: The ten largest countries by incremental GDP are occupied by the BRICs and N11 nations, in which the United States remains to be the only G7 member as one of the three biggest contributors to the global economic growth. At the World Economic Forum 2011, there were 365 corporate executives from BRIC and other emerging nations out of 1000 participants. It was a record number of executives from emerging markets. Nomura Holdings Inc's co-head of global investment banking said that "It's
11100-524: The time as well as the dramatic under-representation of these economies in the global capital markets . The report also emphasizes the enormous populations that exist within the BRIC nations, which makes it relatively easy for their aggregate wealth to eclipse the G6 , while per-capita income levels remained far below the norm of today's industrialized countries. This phenomenon, too, will affect world markets as multinational corporations will attempt to take advantage of
11211-669: The total to $ 50 billion. As of 2020, it had 53 projects underway worth around $ 15 billion. In 2021, Bangladesh , Egypt , the United Arab Emirates and Uruguay joined the NDB. The BRICS Contingent Reserve Arrangement (CRA) is a framework for protecting against global liquidity pressures. This includes currency issues where members' national currencies are being adversely affected by global financial pressures. Emerging economies that experienced rapid economic liberalization went through increased economic volatility, bringing an uncertain macroeconomic environment. The CRA competes with
11322-479: The western-dominated IMF and World Bank. They planned to set up this New Development Bank by 2014. At the BRICS leaders meeting in St Petersburg in September 2013, China committed $ 41 billion towards the pool; Brazil, India, and Russia $ 18 billion each; and South Africa $ 5 billion. China, which held the world's largest foreign exchange reserves and contributed the bulk of the currency pool, wanted
11433-468: The world's five most influential economies outside of the G6. On the other hand, when the "R" in BRIC is extended beyond Russia and is used as a loose term to include all of Eastern Europe as well, then the BRIC story becomes more compelling. At issue are the multiple serious problems which confront Russia (potentially unstable government, environmental degradation, critical lack of modern infrastructure, etc.), and
11544-428: The world's population and held a combined GDP (PPP) of $ 20 trillion. On almost every scale, they would be the largest entity on the global stage and were among the largest and fastest-growing emerging markets . Politically, they have taken steps to increase their cooperation, mainly as a way of influencing the United States position on major trade accords, or, through the implicit threat of political cooperation, as
11655-401: Was envisaged by Russian prime minister Yevgeny Primakov in the 1990s. The G20 forum of developing states includes all the BRIC countries. South Africa sought BRIC membership since 2009 and the process for formal admission began as early as August 2010. South Africa was officially admitted as a BRIC nation on 24 December 2010, after being invited by China and the other BRIC countries to join
11766-780: Was followed by a BRICS meeting with the Union of South American Nations presidents in Brasilia . Since 2011, the National Institutes of Statistics of the BRICS group of countries ( IBGE , Rosstat , the National Bureau of Statistics of China , the Central Statistics Office (India) and Statistics South Africa ) produce an annual joint statistical publication to put statistical production in perspective, compare adopted methodologies and statistical results. The publication serves as
11877-548: Was held in 2011 in China. The first nine-member BRICS summit was held in 2024 in Russia. The 2020, 2021, and 2022 summits were held via video-conference due to the COVID-19 pandemic . While there is currently no formal application process to join BRICS, any hopeful government must receive the unanimous backing of all member states to receive an invitation. It was not until the early 2020s that discussions regarding allowing new states to join
11988-586: Was introduced in the 2001 publication, Building Better Global Economic BRICs by Jim O'Neill , then head of global economics research at Goldman Sachs and later Chairman of Goldman Sachs Asset Management. The foreign ministers of the initial four BRIC General states (Brazil, Russia, India, and China) met in New York City in September 2006 at the margins of the General Debate of the UN Assembly, beginning
12099-481: Was never intended to be an investment thesis. If investors read Goldman's research carefully and agreed with the conclusions, then they would gain exposure to Asian debt and equity markets rather than to Latin America . According to estimates provided by the USDA, the wealthiest regions outside of the G6 in 2015 will be Hong Kong , South Korea and Singapore . Combined with China and India, these five economies are likely to be
12210-496: Was not included in the original BRICs. The Economist publishes an annual table of socio-economic national statistics in its "Pocket World in Figures". Extrapolating the global rankings from their 2008 Edition for the BRIC countries and economies in relation to various categories provides an interesting touchstone in relation to the economic underpinnings of the BRIC thesis. It also illustrates how, despite their divergent economic bases,
12321-405: Was on improving the global economic situation and reforming financial institutions , and discussed how the four countries could better co-operate in the future. There was further discussion of ways that developing countries , such as 3/4 of the BRIC members, could become more involved in global affairs. In the aftermath of the 2009 Yekaterinburg summit, the BRIC nations announced the need for
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