The Original Members of BRICS Before the New Dehli Summit

Just before the New Delhi Summit, there were indications that, despite considerable growth over the last decade, the original four BRICS members still had a number of weaknesses and vulnerabilities. In February 2012, Maplecroft reported that Brazil, Russia, India and China did not become less vulnerable to the shocks of the world economy. In some of them, governance and political reforms have not kept pace with economic growth. Goldman Sachs signaled that Brazil had poor performance in the investment rate on GDP and openness to international trade. China needed to move forward in compliance with laws and regulations; India, in political stability, education and technology. In Russia, weaknesses were mainly related to high corruption. According to Grant Thornton, there was concern among businessmen in Brazil, Russia, India and China about a new recession and inflation.

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