The Heat: BRICS Bigger than G7

BRICS countries are now the worlds largest economic bloc. They are the worlds top five emerging economies; Brazil, Russia, India, China and South Africa. In a sign of a changing world, BRICS countries now contribute of global GDP based on purchasing power parity. The Group of Seven, the worlds most advanced economies, have fallen to according to data compiled by Acorn Macro Consulting. In 2015, BRICS founded the New Development Bank headquartered in Shanghai as an alternative to the World Bank and International Monetary Fund. Since then, the bank has approved 96 projects worth over 32 billion dollars for infrastructure and sustainable development projects across four continents. Brazilian President Lula de la Silva, who is on a fourday visit to China, stopped in Shanghai Thursday to attend the inauguration ceremony of former Brazilian President Dilma Rousseff as the new head of the BRICS bank. Rousseff pledged to help developing countries. Joinin