BRICS Will Soon Account for More Than Half the World Economy

,

The combined economies of the BRICS member states – Brazil, Russia, India, China and South Africa – are set to expand by about 20 percent in roughly a decade, Russian Finance Minister Anton Siluanov has announced.

“The BRICS countries’ economy today accounts for a third of the global economy. According to our conservative estimates, by 2030 our economies will make up more than half of the entire world economy,” Siluanov said at the BRICS International Competition Conference in Moscow on Wednesday.

Members of the alliance continue to work on eliminating trade barriers between them and can set an example for other counties, the minister added.

BRIC was established in 2006 by Brazil, Russia, India and China, before South Africa joined the bloc in 2010, adding the “S” to the acronym. As of 2018, combined nominal GDP of these five emerging economies amounted to $18.6 trillion….Read More

Related Posts

,

Anglo American, South32 walk away from thermal coal

By Vanessa Zhou | Australian Mining Anglo American is the second company to cut off its South African thermal coal assets following a similar move by South32 last week. Anglo American plans to demerge its thermal coal operations in South Africa and establish a new holding company called Thungela Resources to hold the assets. The […]

,

Coal snapshot: Mid-term outlook is positive

Gerard Peter | Mining Review Africa While there is a concerted effort by nations to reduce reliance on coal for both energy and production purposes, research analyst Fitch Ratings believes that the medium-term outlook for the commodity remains buoyant. There can be no doubt that the coronavirus pandemic has had an effect on global demand […]

,

ASIC raids mine at centre of fake coal testing claims

By Liam Walsh | Australian Financial Review The corporate watchdog has raided the mining operation at the centre of allegations of fake coal analyses. Queensland police on Monday helped officials from the Australian Securities and Investments Commission execute a search warrant on TerraCom, which runs the Blair Athol coal mine in the central part of the […]