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Last Updated: September 27, 2014  216 views

What is BRIC?

in: International Affairs

BRICThis week, the top leaders of BRIC nations meet at the first summit in Yekaterinburg(Russia). Do you know what is BRIC? Today we will discuss about BRIC, the future of world economy. BRIC is an acronym that refers to the fast-growing developing economies of Brazil, Russia, India, and China. This acronym was first coined by an investment banking company, Goldman Sachs in 2001. According to Goldman Sachs, the BRIC nations, by 2050 will eclipse the combined economies of the current richest countries (G7) of the world. China and India will become the world’s major suppliers of manufactured goods and services, respectively, while Brazil and Russia will become biggest suppliers of raw materials.

BRIC Data

This is the current positions of BRIC Nations in World.

The four leaders which meet at Yekaterinburg, Russia were Luiz Inácio Lula da Silva (President of Brazil), Dmitry Medvedev (Russian President), Manmohan Singh (Prime Minister of India), and Hu Jintao(Chinese President). The main aim of this meeting was to dicuss different measures and steps to improve the current global economic situation. They also discussed how the four emerging economies can better work together in the future, as well as a more general push to reform financial institutions and how developing nations could be better involved in global affairs in the future. Global financial crisis, terrorism, food security, Afghanistan and climate change were also discussed.

BRIC Leaders

Read the GoldmanSachs thesis on BRIC.

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