Previously comprising Brazil, Russia, India, China and SA, the Brics bloc expanded to include several new members this year, including Ethiopia, Egypt, the United Arab Emirates (UAE) and Iran. The additional members have increased the bloc’s economic clout — it now accounts for roughly half of global wheat, rice and oil production, as well as almost half the world’s population.

Brics countries are also achieving higher rates of economic growth than the Group of Seven (G7) nations. According to forecasts from the New Development Bank, the Brics nations will account for 40% of global economic output by 2028, while the G7’s share could decline to just 28%. According to the IMF, only the US and Canada are forecast to grow faster than SA this year, with every other Brics state expected to outperform every other G7 member...

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