Who coined the BRICS acronym and why? Conduct a succinct SWOT analysis for the strategic partnership.?
The Chief Economist Jim O’Neill has coined BRICS because he was merely referring to the growing economies, which he thought will be the game changers in the coming years.
Strengthso Emerging economies.o Humongous Manpower.o Resources-rich regions.o Massive portion in global GDP.o Increasing consumer market.o Mutually satisfying needs.o Innovation and Cost leadership
Weaknesseso Corruption and manipulation.o Opaque governance.o All rank low in ease of doing business.o Slow economic growth.o Inflation and Population.o Territorial and trade disputes.o Lack of Infrastructure
Opportunitieso Regional Development.o Support from LDCs.o Play proactive role in global sphere.o Act as lenders.o Monetary and Financial advantage.o Act as political mediator.
Threatso Dollar-backed Economy.o Powerful World Bank and IMF.o Continuing financial crisis.o Vulnerable to Quantitative Easing.o Other regional trade groups like EU, ASEAN, NAFTA, etc.
can you add some more or correct my answer?
- OiyLv 62 months ago
It referred only to the big emerging economies like Russia,India,Brazil and China. South Africa is lucky to be able to join. And it is still BRICs until today, not BRICS. All of these countries have the pandemics.