The BRICS are gathering in Ufa, Russia on July 9 for their seventh annual Summit. When this group came into being, in the turbulent days of the global financial crisis, it was heralded both as the future of economic growth and as a new grouping that was set to challenge the West for the leadership of the international order. How things have changed.
First, the BRICS’ supposed growth engines have slowed to a crawl. Russia is contracting, partially because of sanctions, but mostly because of the collapse of the global oil price. Brazil is in negative growth this year, and its …read more