BRICS FACTS and DATA
Economic data shows that the grouping of Brazil, China, India, Russia and South Africa now account for 25 percent of global GDP and 40 percent of the world's population.
New bank proposed to replace world bank by brics
The proposal of this new bank will be competition to World Bank, the International Monetary Fund which has its roots in the US. The summit commenced on 26 March at 17:30 GMT. Amongst the important issues being discussed was the creation of the development bank, in follow up from the previous summit. It sought to create an infrastructure-focused bank. The disputes over the bank were in regards to what it would do and how it would provide an equitable return on the initial investment of about US$10bn
The leaders in the 2013 summit , in South Africa will gather to discuss a proposal to challenge World Bank domination with a new “World development bank”
The nations & growth of the BRIC’S
China has become the informal leader of the group. With a GDP of $8.25 trillion in 2012, the IMF
estimates that the Chinese economy will climb by a whopping 8.2 percent in 2013.It remains the globe's most-populated country, with 1.34 billion inhabitants.
Brazil: With a GDP of $2.425 trillion in 2012, Brazil is the world's seventh largest economy. It holds only a modest place in world trade activity, however, and experienced sluggish growth of one percent last year.
Russia: Ranking ninth on the list of the world's biggest economies, Russia accumulated a GDP of $1.953 billion in 2012, boosted mainly by its gas exports, making it the world's eighth largest exporter.
India: Despite its population of 1.24 billion, India remains a smaller player among the world's economies, falling into a 10th place with a GDP worth 1.946 trillion.
South Africa: Smallest of the BRICS economies is South Africa. Placing 41st world exporters, the country has a GDP of $390 billion and a population of 50.5 million.
