Currently, Only India Is Doing Well Among BRICS Countries – Chinese Media
China’s growth remains significant if you compare it to the rest of the world – but the country’s economy is slowing down.
Russia – severely hit by low oil prices and the Western embargo – was downgraded by credit rating agencies earlier this year.
And this month, Brazil also lost the investment grade seal from Standard and Poors amid a political and economic crisis.
“I don’t think that it is right to say that the BRICS, all of the BRICS are in crises. India is quite successful. So I think the importance of the group will continue. There’s certainly now, particularly in Brazil, in Russia and in South Africa, a bit of a slump, but I think the long term projections are likely to be fulfilled because it’s a matter of long term development,” said oliver Stuenkel, economist & BRICS researcher.
In the Brazil-China Chamber of Commerce, the plan is to try and turn the current economic challenges into good business opportunities for Chinese investors.
“Brazilian assets are doubly cheap because of the crises, one, and two, the devaluation caused by the crisis, so that today everything in Brazil is very very cheap. Assets that you could not have bought a year ago today are on fire-sale,” said Charles Tang, CEO of Brazil-China Chamber of Commerce.
There’s still hope the BRICS countries will have a bright future, but analysts warn these economies need to prepare themselves for long-term sustainable growth if their goals are to be achieved.
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