‘Brics’ a major breakthrough

Sir,

 The formation of an economic bloc of countries known as ‘Brics’ was a major breakthrough in the world economy and these countries included Brazil, Russia, China and South Africa and I hope this new economic bloc shall take over from the European Union which is collapsing because it is facing austerity measures and sinking deeper into debt and one aspect they want to venture into is that they intend to form their own bank which might compete with the World Bank

. I think the formation of this new economic bloc was an important milestone in our endeavour to resuscitate the ailing global economy. In some quarters there is a general belief that 2013 is a year of global boom from an economic point of view, which means since 2008 when the world economy fell,  we were in limbo, there was no nice time, instead, the tightening of belts, but it is embarrassing that only the poor suffered the most, as for the wealthy, it was business as usual.

Peter

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