By BRICS: China continues to dominate within the alliance The creation of BRICS, which originally included Brazil, Russia, India and China, can be traced back to a 2001 publication by Goldman Sachs economist Jim O’Neill. O’Neill’s assumption was that these countries are on the verge of playing a significant role in the global economy – a prediction that was borne out by China’s significant contribution to global GDP growth from 2012 to 2022. Formally established in 2009 and later renamed BRICS in 2010 after the inclusion of South Africa, the bloc’s trade process has been uneven, favoring China primarily. While recent…
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