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What is BRICS?

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BRICS is an acronym for five leading emerging economies: Brazil, Russia, India, China, and South Africa. The first four were initially grouped as "BRIC" (or "the BRICs") in 2001 by Goldman Sachs economist Jim O'Neill, who coined the term to describe fast-growing economies that would collectively dominate the global economy by 2050;[1] South Africa was added in 2010.[2]

The BRICS have a combined area of 39,746,220 km2 (15,346,100 sq mi) and an estimated total population of about 3.21 billion,[3] or about 26.7% of the world's land surface and 41.5% of the global population. Brazil, Russia, India, and China are among the world's ten largest countries by population, area, and GDP, and are widely considered to be current or emerging superpowers. All five states are members of the G20, with a combined nominal GDP of US$26.6 trillion (about 26.2% of the gross world product), a total GDP (PPP) of around US$51.99 trillion (32.1% of global GDP PPP), and an estimated US$4.46 trillion in combined foreign reserves (as of 2018).[4][5]

The BRICS were originally identified for the purpose of highlighting investment opportunities, and had not been a formal intergovernmental organization.[6] Since 2009, they have increasingly formed into a more cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies;[7] China hosted the most recent 14th BRICS summit on 24 July 2022. Bilateral relations among the BRICS are conducted mainly on the basis of noninterference, equality, and mutual benefit.[8]



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On 1/5/2023 at 5:55 PM, Premi5 said:

Surprised about South Africa and Iran as most of the stuff in the media made me think they are not prosperous countries. 

Iran is apparently very wealthy (resource wise i.e. gas and oil) but has been on the receiving end of western sanctions for decades. I don't know about SA though. 

The economy of Iran is a mixed economy with a large state-owned sector and is the largest in the Middle East in terms of nominal GDP.[dubious  discuss] It is the world's 21st largest by purchasing power parity (PPP). Some 60% of Iran's economy is centrally planned.[26] It is dominated by oil and gas production, although over 40 industries are directly involved in the Tehran Stock Exchange. The stock exchange has been one of the best performing exchanges in the world over the past decade.[27] With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower".[28][29][30][31][32]




Iran is an energy superpower and the petroleum industry in Iran plays an important part in it.[2][3][4] In 2004, Iran produced 5.1 percent of the world's total crude oil (3.9 million barrels (620,000 m3; 160 million US gal) per day), which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency.[5][6] At 2006 levels of production, oil proceeds represented about 18.7% of gross domestic product (GDP). However, the importance of the hydrocarbon sector to Iran's economy has been far greater. The oil and gas industry has been the engine of economic growth, directly affecting public development projects, the government's annual budget, and most foreign exchange sources.[5]

In FY 2009, the sector accounted for 60% of total government revenues and 80% of the total annual value of both exports and foreign currency earnings.[citation needed] Oil and gas revenues are affected by the value of crude oil on the international market. It has been estimated that at the Organization of the Petroleum Exporting Countries (OPEC) quota level (December 2004), a one-dollar change in the price of crude oil on the international market would alter Iran's oil revenues by US$1 billion.[5]

In 2012, Iran, which exported around 1.5 million barrels of crude oil a day, was the second-largest exporter among the Organization of Petroleum Exporting Countries.[7] In the same year, officials in Iran estimated that Iran's annual oil and gas revenues could reach $250 billion by 2015.[8] However, the industry was disrupted by an international embargo from July 2012 through January 2016.[9][10] Iran plans to invest a total of $500 billion in the oil sector before 2025.[11][12]

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