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Situation in Greece

Greece may join BRICS when it becomes dynamically developing economy — RCCI chief

According to Eurostat, Greece demonstrated a slight GDP growth of 0.8% in 2014, for the first time since 2009

© AP Photo/Petros Giannakouris

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MOSCOW, July 6. /TASS/. Greece will be welcome in the BRICS association of Brazil, Russia, India, China and South Africa when it becomes a dynamically developing economy like the rest of its members, Sergey Katyrin, the head of the Russian Chamber of Commerce and Industry (RCCI) and Russian co-chairman of the BRICS Business Council, said on Monday.

According to Eurostat, Greece demonstrated a slight GDP growth of 0.8% in 2014, for the first time since 2009. Greece’s GDP in 2014 reached €179.08 billion. It was a positive trend for the Greek economy, which had had downwards GDP dynamics in the previous several years. Thus, Greece’s GDP dropped by 3.9% in 2013 and by 6.6% in 20102. In 2014, Greece was ranked 13th in the European Union and 9th in the Euro zone in terms of GDP volumes.

"Initially, the BRIC was formed without South Africa, which joined the association later. If Greece develops into a dynamically growing economy, one of the world’s most dynamic ones, it will probably have the right to claim membership in BRICS," Katyrin said, adding that Greece’s interest in joining this informal club also mattered.

Established in June 2006, the BRIC association originally included four countries, namely Brazil, Russia, India and China to be expanded to the BRICS format after South Africa joined it in 2011. The first official summit of the association was held in Russia’s Yekaterinburg in June 2009. Ever since, summit meetings have been held annually in each of the member states alternatively. The latest summit took place in Brazil. Russia took over presidency in the BRICS from April 1, 2015. Russia is also presiding the BRICS Business Council in a period from April 2015 to April 2016. At a summit in 2014, BRICS countries signed an agreement on the establishment of a New Development Bank to finance infrastructure and sustainable development projects in the BRICS states and developing countries. The next BRICS summit will take place in Russia’s Ufa on July 8-9, 2015.

The BRICS countries account for 26% of the entire Earth’s area and 42% of the Earth’s population. In 2013, the BRICS accounted for 16.1% of global trade, for 10.8% of global defence spending, and for 40.2% of global production of traditional fuels.

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Economy BRICS Greece

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