Nigeria is a business-oriented economy, with an estimated 37 million micro, small and medium-sized companies (MSMEs). The entrepreneurial economy contributes roughly … More
The whole purpose of BRICS New Development Bank is to be self sufficient and rely less on western economies. The world’s reserves has shrunk from 90% (2004) of dollar denominated securities to 60% in 2014. But, the growing tension individually in the member countries could easily defeat the purpose for which it was originally formed. Some debate that this small initiative (formation of BRICS) could be a big challenge for the advanced economies.
The creation of AIIB, China has opened its closed doors to many countries. In committing to contribute up to 50% of the AIIB capital, it will be taking the lead in assisting the development of other Asian countries. There will be a lot of rising challenges in the development of the bank but this could be a great opportunity for China to prove itself as a global leader.
With the financial turmoil all across economies, Brazil, Russia, India, China and South Africa( popularly known as BRICS) remain the largest contributor in the world’s GDP i.e. 25% of global GDP and also 40% of the world’s population. With the recent meet in Durban, many contrast views have been expressed regarding to the aims and objectives of BRICS and whether it will be big as G7 by 2025 This article highlights a review on the same and its comparison to the Euro zone.