WORLD ECONOMIC JOURNAL
The year 2024 has marked a turning point for BRICS , with the addition of new members such as Egypt , Iran , the United Arab Emirates , Saudi Arabia and Ethiopia . This expansion has nearly doubled the population under BRICS and positioned it as one of the largest communities of nations .
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RICS unites a wide range of civilisations , including Christian , Confucian , Hindu , Buddhist and Islamic traditions . Countries like China and India , despite their complex bilateral relations , now share this platform . Yet these nations are united by the vision of a more balanced , multipolar world ; a place where decisions are made through equitable dialogue and respect for varied political development models .
Currently , BRICS countries collectively account for a significant portion of the world ’ s economic power . In 2023 , they contributed 31.5 % of global GDP , a figure projected to surpass 50 % by 2030 , according to Acorn Macro Consulting ( UK ).
However , for BRICS to build their unity and exert their influence on the global stage , a strong economic foundation is needed , including comprehensive financial , legal , and
business infrastructures . As long as BRICS lack an independent economic ecosystem , they will continue to rely on Western financial and legal systems for their interactions . The pursuit of this more balanced world and the related economic and political challenges will be central topics at the BRICS Summit in Kazan from October 22-24 , 2024 .
A “ WORLD OF CITIES ”
Much of this economic dynamism is being driven by cities . Urbanisation is a global trend that has significantly shaped the development of emerging regions . Between 1990 and 2020 , the number of cities in Africa surged from 3,300 to 7,600 , and the urban population grew by 500 million . Today , the global urban population exceeds the rural population , making this an era defined by cities .
At the BRICS Urban Future Forum , held on September 18-19 , 2024 , in Moscow , megacity leaders will explore
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