The BRICS countries, which include Brazil, Russia, India, China, and South Africa, are a group of developing economies that are expected to have a significant impact on the world economy in the coming years. This acronym was created in 2010 to represent the economies of these five countries, which have a combined population of over three trillion and represent about 40% of the world's population. The BRICS countries are also all G20 countries, making them a significant economic force in the world.
The Gross Domestic Product (GDP) of BRICS countries in 2013 was $15.8 trillion, making it the third largest economy in the world after the European Union and the United States. This is despite the fact that Brazil was in recession in 2013 with a GDP growth of -0.13%, and South Africa was experiencing greater economic troubles with a decrease of 8.9% in its economy.
China is the largest economy in the BRICS group, making up 58% of the total GDP. There have been predictions that China will soon become the largest economy in the world, with some predicting that this could happen in the current decade. On the other hand, Russia was slightly behind Brazil in the GDP rankings, but has the potential to outperform Brazil in the near future. India has great potential, but remains a relatively poor country despite being in the top 10 largest economies in the world. South Africa, the smallest economy in the BRICS group, makes up only 2.2% of the total GDP.
In terms of GDP per capita, Russia holds the highest GDP per capita in the BRICS group, followed by Brazil. China, South Africa, and India have a GDP per capita of less than $10,000. The future growth potential in these countries is significant, and much will depend on their future developments.
In conclusion, the BRICS countries are a significant economic force in the world, and their potential for growth is immense. It will be interesting to see how their economies develop in the coming years and what impact they will have on the world economy.