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BIRCS foreign ministers gather in South Africa for a meeting aimed at discussing expansion and other measures to establish counterbalance to Western economic model. ....
A remarkable event occurred at the beginning of the year, to which few gave much attention. The GDP of the BRICS countries (Brazil, Russia, India, China and South Africa) surpassed that of the G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) in terms of purchasing power parity. In addition, BRICS' share of world GDP reached 31.5 percent, while the G7 accounted for 30.7 percent, according to data published by the UK-based economic research firm Acorn Macro Consulting. This gap is expected to be broadened by 2030. ....