DURBAN, South Africa (Reuters) - Leaders of the BRICS group of powerful emerging economies meet on Tuesday and Wednesday in the South African city of Durban.
The main objective of the heads of state of Brazil, Russia, India, China and South Africa is to establish a development bank to balance the influence of the World Bank and IMF, as well as creating a joint foreign exchange reserve.
Here are a few facts about the BRICS.
* The BRICS countries make up 21 percent of global GDP. They have increased their share of global GDP threefold in the past 15 years.
* The BRICS are home to 43 percent of the world’s population.
* The BRICS countries have combined foreign reserves of an estimated $4.4 trillion.
* Intra-BRICS trade flows reached $282 billion in 2012 and are estimated to reach $500 billion by 2015. In 2002, it was $27.3 billion.
* IMF estimates of GDP per member in 2012, China $8.25 trillion, Brazil $2.43 trillion, Russia and India at $1.95 trillion each, South Africa $390.9 billion.
* Per capita GDP for 2012 was estimated at, China $6,094, Brazil $12,340, Russia $13,765, India $1,592, South Africa $7,636
* Jim O’Neill, chairman of Goldman Sachs Asset Management, coined the BRIC concept in 2001.
* South Africa was admitted by the other BRIC leaders in December 2010, adding the “S” to the original grouping.
(Sources: BRICS countries and International Monetary Fund)
Reporting by Jon Herskovitz; Editing by Angus MacSwan