A glance at the six nations that will join the BRICS group of sizable and populous rising economies in January 2024.
Argentina
Argentina is home to abundant natural resources for agriculture and electricity, but the third-largest economy in Latin America is in disarray.
For the nation of 46 million people, the poverty rate has increased to 40% and the inflation rate has skyrocketed to 100%.
By the end of April and by the end of July, the cost of living had increased by 32% and 60%, respectively, since January.
Earlier in August, the peso saw a 20% government devaluation.
At the BRICS Summit, South Africa was praised for its “political mastery.”
Ethiopia
123 million people make up the second-most populated nation in Africa, according to the World Bank, and it has one of the most dynamic economies in the 2010s.
However, the global pandemic, climate change, the two-year battle in its northern Tigray province, and Russia’s confrontation in Ukraine all stunted its expansion.
According to the World Bank, the nation continues to be in poverty with a per capita income of just one dollar.
Ethiopia, a historically non-aligned country, keeps close ties not only with the United States but also with Russia and China, which serves as its key commercial partner.
Iran
Over the past ten years, Iran’s economy has been severely impacted by economic sanctions, changes in the price of oil, and the global pandemic.
More recently, rising inflation brought on by a depreciating currency has caused protests.
After Russia, Iran has the second-largest gas reserves in the world, and it has the fourth-largest proven oil reserves.
However, US sanctions, which were reinstated after the international nuclear agreement on Tehran’s nuclear programme expired in 2018, have cut off the 88 million-person nation from the global banking system.
Intensified diplomatic efforts to lessen its isolation and boost its economy through closer links with China and Russia and improved relations with its Arab neighbours coincided with the announcement of its new membership in the BRICS.
Arab States
The greatest economy in the Arab world, the largest supplier of oil to the globe, and the head of the Gulf monarchy is Saudi Arabia.
In an effort to wean itself off its reliance on fossil fuels, the ultra-conservative kingdom has launched a massive programme of economic and social changes.
Saudi Arabia, a G20 member, experienced 8.5 percent annual growth in 2022.
There are approximately 32.2 million people living there, the bulk of whom are under 30.
Egypt
With 105 million citizens, Egypt is the most populous nation in the Arab world and a major diplomatic force on the Arab arena.
However, import-dependent Egypt is currently suffering from a severe economic crisis.
According to official statistics, annual inflation reached an all-time high of 36.8 percent in June.
This comes after a significant currency depreciation brought on by an IMF rescue loan.
Russia’s invasion of Ukraine last year, which disrupted vital grain imports, has made the economic crisis worse.
Emirate of the Arabs
The United Arab Emirates (UAE) is a federal state with seven emirates and a population of 10 million, with Abu Dhabi as its capital and Dubai, above all, serving as the regional headquarters for thousands of businesses.
It is a major oil producer in OPEC, but as its economy has become more diverse over the years, it is becoming less and less dependent on oil, accounting for only 30% of its GDP in 2022.
It has strong relationships to Saudi Arabia, the US, China, and Russia.
In 2020, it was the first Gulf nation to normalise relations with Israel.