BRICS-11: A Global Powerhouse Emerges
The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has expanded to include Saudi Arabia, United Arab Emirates, Iran, Egypt, Ethiopia, and Argentina. The economic center of gravity of the expanded group will be commodities, particularly in world energy markets. The political backbone of BRICS is now primarily authoritarian, with only three out of the eleven member states considered "free" according to Freedom House. The combined global GDP of the original five BRICS members accounted for approximately 42 percent of global GDP, which will rise to roughly 50 percent with the new members. However, economic instability and challenges in member countries may hinder the achievement of BRICS goals, including expanding the reach of the New Development Bank and establishing a dollar-alternative currency.