Powerhouses slowing down but still vital: BRICS in the wall

The author argues that while China's economic decline (the 'Chindown') creates concern, the BRICS grouping remains vital due to its collective weight—representing 25% of global GDP and 45% of the world's population. The group is evolving from a set of economic growth projections into a political economy force, asserting itself in multilateral engagements such as the WTO and G20. Key actions include efforts to trade in national currencies to reduce reliance on the US dollar and pledging funds to the IMF to push for governance and quota reforms. Despite challenges like a lack of cohesive identity and fragile trade linkages, the BRICS are expanding cooperation into food security, sustainable development, and energy.

• The economic slowdown in China, referred to as the 'Chindown', has led to reduced growth estimates from international financial institutions and concerns regarding its impact on the BRICS group, which was previously viewed as the world's growth engine.
• The BRICS grouping possesses significant global influence, representing 45% of the world's population, 30% of global land area, and 25% of global GDP.
• The group is shifting its focus from purely economic projections toward political economy and global economic governance, evidenced by joint statements at the WTO 8th Ministerial Conference and G20 meetings regarding the Doha Round development agenda.
• BRICS nations are actively working to reduce dependence on the US dollar by establishing systems to trade in national currencies and extending credit facilities in local currency, exemplified by a currency swap between China and Brazil.
• By pledging contributions to a new IMF 'firewall' fund, BRICS countries aim to secure increased negotiating power and the implementation of the 2010 governance and quota reform decisions.

APA

South African Institute of International Affairs (2012). Powerhouses slowing down but still vital: BRICS in the wall. https://saiia.org.za/research/powerhouses-slowing-down-but-still-vital-brics-in-the-wall/

Chicago

South African Institute of International Affairs. Powerhouses slowing down but still vital: BRICS in the wall. 2012. https://saiia.org.za/research/powerhouses-slowing-down-but-still-vital-brics-in-the-wall/.

Wikipedia

{{cite report |author=South African Institute of International Affairs |title=Powerhouses slowing down but still vital: BRICS in the wall |date=24 June 2012 |url=https://saiia.org.za/research/powerhouses-slowing-down-but-still-vital-brics-in-the-wall/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{southafricaninstituteofinternationalaffairs2012powerhouses, author = {{South African Institute of International Affairs}}, title = {{Powerhouses slowing down but still vital: BRICS in the wall}}, institution = {South African Institute of International Affairs}, year = {2012}, month = jun, url = {https://saiia.org.za/research/powerhouses-slowing-down-but-still-vital-brics-in-the-wall/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }