This 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.
What is BRIC?
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