For years, the BRICS (Brazil, Russia, India, China, and South Africa) have held the attention of economists, investors, entrepreneurs, politicians, and pundits. The BRICS were often portrayed as ascendant players in a quickly shifting and rapidly evolving global economy. But two decades after the term BRIC (South Africa was added in 2010) was coined by Jim O’Neill, a British economist working for Goldman Sachs, there are valid reasons to question if those early assumptions of steady economic ascent have stood the test of time.
We decided to take a look at the number of business aircraft (jets and turboprops) based in the BRICS. We discovered that between 2005 and 2015, the number of business aircraft in the BRICS generally rose and then began tapering off in 2020 before falling in 2022. Brazil was the exception to the recent decline. (See chart below)
It's not hard to see a pattern in the data. Each of the BRICS has endured an economic, political, or public health crisis since 2020. Some of the BRICS have confronted—or continue to confront—multiple disruptive crises. So, it’s not entirely surprising to see the impact of these crises on their business aviation numbers.
Do these numbers reflect the economic realities of the BRICS? Are they a reasonable proxy for economic strength? We’ll leave that to you to decide. From our perspective at JETNET, the data is compelling.
Vice President of Sales, JETNET
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