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Here's the $17 Trillion Reason Why the BRICS Summit This Week Is a Big Deal
Leaders of the so-called BRICS countries are meeting starting Wednesday in Ufa, Russia. Here's what you need to know about these emerging market economies to follow the summit. 1. The BRICS economies are getting very big The combined economic output last year of Brazil, Russia, India, China and South Africa almost matched the U.S.’s gross domestic product. Back in 2007, the U.S. economy was double the BRICS. "Despite some disappointments in some of the BRIC economies, led by China and India, their collective weight in global GDP continues to rise and therefore also does their importance," said Jim O’Neill, ... (full story)
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