Session: Session 3 / Grand Ballroom 3
Date/Time: April 22, 2014 / 16:00-17:15
Simon Long, The Economist
Kwak Jae Sung, Kyung Hee University
Liu Qun, National Defense University, PLA
Geethanjali Nataraj, Observer Research Foundation, New Delhi
Victoria Panova, Moscow State Institute of International Relations
At the turn of the century, a new acronym entered the global lexicon: BRICS. Referring to the rise of Brazil, Russia, India, China, and, later, South Africa, as the vanguard of emerging economies, BRICS encapsulated what seemed to be a profound shift in the global economic order. It seemed only a matter of time before the West would be overtaken by the rise of the Rest. A decade later, the BRICS are in trouble. While China looks set to become the world’s largest economy, Russia has tied its fate to high energy prices. Meanwhile Brazil and India are caught in a wider crisis among emerging markets which has seen currencies plummet and inflation soar. Will the BRICS continue to be an engine of global growth or will its future as a grouping be broken?