>>>>Dean Grillot: We cannot discuss the global economy without mentioning some of the largest
and fastest growing countries in the world. These countries have come to be known as the
BRICS countries: B R I C S, which is an acronym for the collective that includes the countries
of Brazil, Russia, India, China, and South Africa. Originally, beginning with their first
meeting in 2008, this group was just the BRIC countries. But in 2010, South Africa joined
this group of growing economic powers that are clearly exerting more power and influence
in their respective regions and around the globe.
Taken together, these five countries have a gross domestic product valued at nearly
20 trillion dollars, they own about four trillion dollars of foreign currency, and they represent
approximately three billion people, which is nearly half of the world's population.
Given such significant financial and human resources, the BRICS countries are undoubtedly
a group that requires attention.
Moreover in 2011, these countries established the BRICS forum to encourage and facilitate
stronger cooperation on commercial, political, and cultural issues. In particular, the group
vowed to create its own development bank -- possibly to rival the well established International
Monetary Fund and World Bank.
Although at least one of the BRICS members has publicly mentioned that the group's purpose
is to defend developing countries and promote peace, relations among the BRICS countries
are not entirely easy and without their own difficulties. These countries also have their
significant disagreements, often compete with one another in global markets -- especially
energy markets -- and even experience inter-group territorial disputes. Despite their common
interests in working together and collectively facing global economic forces, they also face
a number of issues that could tear them apart.
Nonetheless, the existence of a united front and the development of the BRICS Forum is
something that other major economic powers of the world cannot ignore. But you tell us
what you think. Are the BRICS countries a challenge to other economic powers in the
global community and a threat to global economic stability? Or are they likely to promote more
even growth around the world and contribute to more peaceful and globally beneficial economic
relations? Tell us what you think.