Rising Powers
Why BRICS Nations are considered Future Superpowers and what Challenges stand in their Way.
A Superpower country is one that possesses military or economic might or both. Being Superior, they have vast influence on other states.
Post World War 2, the United States of America and the Union of Soviet Socialist Republics became the world superpowers. They had large populations and a strong economy as a result of supplying arms and munitions during WWII to nations. In the early 2000s BRIC was used by former Goldman Sachs Economist Jim O’ Neill to describe 4 countries. These countries are Brazil, Russia, India, China. This term is used to describe countries with rapid growth in economy and increasing influence in global affairs. After the addition of South Africa in 2010 the term was changed to BRICS.
Why BRICS nations were considered to be Future Superpowers
These countries were called the BRICS because economists predicted that by 2050, these countries would control the supply of goods, services, and raw materials, owing to their cheap labor and production costs.
These nations accounted for 30% of global GDP in 2010, up from 11% in 1990. As a result, economists concluded that these were the fastest growing economies.
GDP of the BRICS Countries in Billion U.S dollars (Published by Aaron O’Neill)
BRICS currently contribute 31.5 % of global GDP.
Challenges faced by BRICS
- Political and Social Stability
As these countries develop there is an increasing inequality between the rich and the poor. The rich are getting richer while the poor are getting more poor. Therefore, these countries need to form a balance between economic and social development.
2. Expansion of BRICS Group
By adding nations to join BRICS, these countries will be able to make ties and connections with new partners. However due to the lack of interest and diverse needs has prevented this expansion to take place and no progress has been made.
3. Environmental Sustainability
To ensure long-term development , The BRICS must introduce cleaner fuels,and move away from coal. The resources of these countries are not infinite but finite therefore they need to manage the natural resources effectively and efficiently. The destruction of Brazilian forests and decreasing air quality of Chinese cities should serve as a learning opportunity for BRICS nations to improve environmental rules and regulations.
Conclusion
As previously stated, the BRICS nations face numerous challenges. As we can see from the tables above, Russia’s GDP development rate has slowed since the Russia-Ukraine War and due to the sanctions imposed on them. South Africa’s GDP is also stable and not growing. Only India and China are currently growing rapidly, so it is unclear whether all BRICS countries will be able to grow as predicted or whether there will be any outliers.
