The BRICS group is still young as an organization, but has already proven its effectiveness. Brazil, Russia, India, China, and South Africa are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multipolar world order and developing modern models for the world’s financial and trading systems.
The COVID-19 pandemic crisis has hit many developing countries hard and threatens the realisation of the UN Sustainable Development Goals (SDGs). The World Bank estimates that between 40 and 60 million people may be pushed into extreme poverty in 2020 as a result of pandemic, making it difficult to end poverty by 2030
China is well on its way to recovering from a coronavirus pandemic-led economic crisis and will continue to be the most important marginal driver of global GDP, British economist Jim O’Neill told CNBC