The Brics acronym was first coined by economist Jim O’Neill in a 2001 paper, where he predicted that Brazil, Russia, India, and China would challenge the economic dominance of the G7.
The bloc’s New Development Bank (NDB) and Contingent Reserve Arrangement (CRA) serve as alternatives to traditional financial institutions like the International Monetary Fund (IMF) and the World Bank, further cementing Brics’ influence in global economics.
In 2024, the expansion of Brics to include additional members will likely have wide-reaching geopolitical implications, given that the bloc now represents more than a quarter of the global economy and nearly half of the world’s population.
The story "Kazakhstan refuses Brics, Russia hits back with import restrictions" has 791 words across 31 sentences, which will take approximately 4 - 7 minutes for the average person to read.
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