Africa is turning to BRICS; how will the intergovernmental organization change the economic and political dynamics of African member countries?

Written by on January 12, 2024

In 2001, the ideology and term BRIC (Brazil, Russia, India and China) was created by Goldman Sachs economist Jim O'Neill. He understood that by 2050 the four BRIC economies would come to dominate the global economy.  In 2006, Brazil, Russia, India and China created the "Bric" group while the creation of the bloc was initiated by Russia, South Africa joined in 2010, making it "BRICS" The group however, is not a formal multilateral organization like the United Nations, World Bank or the Organization of the Petroleum Exporting Countries (OPEC) but operates by consensus with annual meetings held . . .

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