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How solid are the Brics nations? What you need to know

31 May 2012 Last updated at 15:29 BST

From an acronym coined by the economist Jim O'Neill for the leaders of the developing countries - Brazil, Russia, India and China - to a powerful bloc, the Brics have come a long way in the last decade.

For starters, they were joined by South Africa, adding the final 'S' to the original Bric.

Furthermore, since the economic turmoil of 2009, these large emerging countries have gained importance, even though they still face many challenges.

The BBC's Economics correspondent Andrew Walker explains how important the Brics really are.