BRICS Countries (Brazil, Russia, India, China, South Africa) make up approximately 40% of the world population and control 25.9% of the total geographic area of the world. BRICS make up 25% of the global GDP. Various estimations show that BRICS currencies could appreciate by 300% by 2050.
BRICS holds 3.93 trillion in foreign reserves.The rising middle class in these countries has increased their purchasing power.The GDP Growth rates for BRIC Countries are much higher than in developed countries markets.By 2050, three of the largest four economies will be from Asia.
Why the single currency in BRICS Region ?
1) Elimination of fluctuation risks and exchange costs
2) Strengthening of single market
3) closer co-operation among Member States for a stable currency and economy
4) Common market for trade
5) More choice and stable prices for consumers and citizen
6) Greater security and more opportunities for businesses andmarkets
7) Improved economic stability and growth
8) More integrated financial markets
9) A stronger presence for the BRICS in the global economy