These are the acronyms used to name the trade and economic association, formed by a set of emerging countries or nations that in recent times have been an important factor in the world economy, such states are Brazil, Russia, India, China and South Africa, its creation dates back to 2001 and in its beginnings it was only made up of 4 countries, it was not until 2011 that South Africa joined the group.
The origin of BRIC dates back to 2001 when an economist named Jim O'Neil used it to encompass those emerging economies, but it was not until 2008 that the BRIC was formalized and the countries decided to meet to work hand in hand in favor of their economies. By 2010, the countries that made up the BRIC until then decided to incorporate South Africa into the BRIC, calling itself BRICS.
According to experts, the potential that the economies of these countries have is such that they may become the main economic powers in the world in the next thirty years, in addition to this it is also expected that in the same period of time more than 40% of the The entire population of the world will be in these countries.
The BRICS has received different criticisms over the years, one of them is that it is said that they do not define themselves as a compact group, that they do not have their own identity since they are only copying the North American model. Brazil, for its part, has been harshly criticized since during the 8-year term presided over by Luis Ignacio da Silva, it was the country with the least growth of the four. On the other hand , the overvaluation that is given to GDP in China in the next 40 years is criticized, since according to reports the level of growth in the country would be below accepted levels.
A este selecto grupo se podrían sumar dos países más estos son México y Corea del Sur, quienes ocupan el puesto 14 y 15 respectivamente en el PIB nominal mundial, además de tener un gran potencial de crecimiento económico en los próximos años.
