The Heat: BRICS Bigger than G7

BRICS countries are now the world’s largest economic bloc. They are the world’s top five emerging economies; Brazil, Russia, India, China and South Africa.  In a sign of a changing world, BRICS countries now contribute 31.5% of global GDP based on purchasing power parity. The Group of Seven, the world’s most advanced economies, have fallen to 30.7%, according to data compiled by Acorn Macro Consulting.  In 2015, BRICS founded the New Development Bank headquartered in Shanghai as an alternative to the World Bank and International Monetary Fund.  Since then, the bank has approved 96 projects worth over $32 billion dollars for infrastructure and sustainable development projects across four continents.   Brazilian President Lula de la Silva, who is on a four-day visit to China, stopped in Shanghai Thursday to attend the inauguration ceremony of former Brazilian President Dilma Rousseff as the new head of the BRICS bank. Rousseff pledged to help developing countries.  Joinin