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Building bricks Brazil Russia India China and South Africa form the bloc of emerging economies as they struggle with budget deficits is brick still relevant and what can they achieve globally this is inside story hello there and welcome to the program I'm Laura Kyle for several years now the most talked-about trend in the global economy has been the rise of developing markets at the center of the conversation BRICS that's Brazil Russia India China and South Africa some economists expected these countries to lead the world to new economic heights but as the BRICS bloc met for its eighth summit in India state of Goa those hopes appeared to be fading most of the countries involved are struggling to deal with slowing economies they must find ways to forge closer business and trade ties, but there are other concerns to be addressed — including national security and the threat posed by terrorism we count on the Blitz Business Council to work with us to achieve our common aim of standard strengthening mutual trade enhancing business opportunities building investment linkages promoting innovation and removing bottlenecks to intro BRICS Commerce Russia will continue contributing to bring the economies of the five states closer to create conditions for new business projects it invites all the business communicators of the BRICS countries to work on projects and our partnership ties with Russian companies we continue supporting the activities of the Business Council as an important tool for fostering mutual beneficial partnership of the BRICS countries the BRIC acronym was coined in 2001 by US investment bank Goldman Sachs to describe the world's four largest emerging markets at the time Brazil Russia India and China they began holding formal meetings in 2006 as developing countries their aim was to play a larger role in the world economy in 2011 the four countries wanted to expand their economic reach to the African continent, so they invited South Africa to join their fold BRICS nations represent nearly half the world's population and around 17% of global trade let's take a look at the countries and where their individual economies stand china is the world's second-largest economy after the US with more than 11 trillion dollars, but its economy is growing at its slowest pace in 25 years India has the fastest growing economy out of the five countries it stands at more than two trillion dollars it also has one of the world's highest number of people living in poverty Brazil is Latin America's largest economy at around one point three five trillion dollars, but it's been hit hard by corruption and the global fall in oil prices unemployment and inflation are both hovering at around 10 percent Russia's economy is just over 1 trillion dollars sanctions imposed by Western countries after Russia annex Crimea in 2014 have slowed trade South Africa's economy is by far the smallest and was estimated at 327 billion dollars in 2015 unemployment is high with more than...
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