With China GDP down to 3 percent and Russia already in red BRICS seem to have lost steam

China, which accounts for almost 70% of the BRICS' total GDP, reported a 3% growth rate in the first quarter of 2021, lower than expected, while Russia's economy shrank by 3.1% in 2020. These figures suggest that the BRICS' economic growth may be slowing down, raising concerns about their future prospects. BRICS, an acronym for Brazil, Russia, India, China, and South Africa, was coined in 2001 to signify the emerging markets' growing economic power. In recent years, the BRICS countries have been seen as major drivers of global economic growth, with China leading the pack with its impressive double-digit growth rates. However, recent economic trends have raised concerns that the BRICS story may be coming to an end. One of the main reasons for this slowdown is the COVID-19 pandemic. The pandemic has hit the global economy hard, and the BRICS countries have not been spared. The lockdowns, and a slowdown in demand have affected the growth of these economies.

Another factor contributing to the slowdown is the decline in commodity prices. Many BRICS countries rely heavily on exporting commodities such as oil, gas, and minerals. The sharp drop in prices for these commodities has had a significant impact on the economies of these countries, particularly Russia and Brazil. Moreover, geopolitical tensions have also played a role in the slowdown of the BRICS economies. Russia's involvement in the Ukraine has led to economic sanctions and diplomatic isolation, hurting its economy. China's trade war with the US and India's recent border dispute with China have also affected their respective economies. Despite these challenges, it is too soon to write off the BRICS story. The BRICS countries continue to be significant players in the global economy. India, for example, is expected to be the world's fastest-growing major economy in 2023. China remains the world's second-largest economy and is expected to continue to grow at a steady pace in the coming years. South Africa has recently emerged from a recession and is showing signs of a potential economic recovery. The BRICS countries have been working together to deepen their economic ties and strengthen their collective bargaining power. It is still premature to declare the end of the BRICS story as BRICS countries have resilience which can help them bounce back.