BRICS – such a passé

BRICS (Brazil Russia India China & now South Africa) have been the center of attention for many years now, at times also viewed as an alternative which can turn the current worldwide recession. The “Analysts” had pegged high hopes on these nations as the next big thing and had forecasted that these nations will impel the world economy back to the growth trajectory. But it is unrealistic to expect the group can challenge the US hegemony.

One look at these nations and it’s easy to perceive that these economies, the developing economies, are the net suppliers to the world’s developed nations aka economic giants. BRICS are net providers of materials/goods to the big European nations and also to the US. E.g. Brazil provides raw material, China manufactured goods and India is seen for outsourcing hub for IT and ITES. There are only two big cities in Russia, Moscow & Saint Petersburg, which have been much publicized and showcased as symbols from developing nation. One close look and it is apparent that the entire growth in Russia is limited to the perimeters of these two cites.