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About the BRICS

About the BRICS

In economics, BRIC refers to a group of countries, namely, Brazil, Russia, India and China, four countries with massive potential. They features a similar stage of newly advanced economic development. These four countries currently account for more than one fourth of the world's land area and around 43% of the world's population.They are typically rendered as the BRIC countries (or BRICs). In China, they are translated literally in to “ the golden bricks countries” which kind of implying that these countries will have a great potiential of economic wealth that is so important to the whole world in the near future. from 2000 to 2010, the BRICs make their mark on the global economic areana and they have contributed over around 34% of world GDP growth and grown from one-sixth of the world economy to almost a quarter in this ten years.

?The term was first coined by Jim O'Neill in his paper entitled "Building Better Global Economic BRICs" in 2001. Since then, this term is quite popular and comes into widespread use.

The world is changing so fast and it is predicted that there is a shift in global economic power away from the developed countries (with the G7 economies as their representative) towards the developing world (with the BRIC countries as one of the most important representatives) . the four BRIC countries are developing at a amazing speed with great GDP growth and increasing income per capita, income per capita. It is estimated that by 2050, the BRICs economies could turn themselves into a significantly larger force in the world economy and their combined economies could eclipse the combined economies of the current richest countries of the world.

In 2011, South Arica is invited to attend the BRICS summit in Sanya.

The BRIC Leaders