The BRICS club (Brazil, Russia, India, China and South Africa), which used to be known for its tremendous growth potential, is today in the midst of severe economic and political woes. Apart from the Federal rate increase which has contributed to the mounting debt burden for these economies; falling global commodity prices have affected these emerging markets which rely heavily on export led growth.
https://www.weforum.org/agenda/2016/04/what-is-the-state-of-the-brics-economies
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