BRIC

BRICBRIC is a grouping acronym referring to the countries of Brazil, Russia, India and China, deemed to be developed countries at a similar stage of newly advanced economic development, on their way to becoming developed countries. It is typically rendered as 'the BRICs' or 'the BRIC countries' or 'the BRIC economies' or alternatively as the 'Big Four'. A related acronym, BRICS, adds South Africa. Indonesia is sometimes suggested to be included on the basis that it is in a similar situation. BrazilJair Bolsonaro, President RussiaVladimir Putin, President IndiaNarendra Modi, Prime Minister South AfricaCyril Ramaphosa, President BRIC is a grouping acronym referring to the countries of Brazil, Russia, India and China, deemed to be developed countries at a similar stage of newly advanced economic development, on their way to becoming developed countries. It is typically rendered as 'the BRICs' or 'the BRIC countries' or 'the BRIC economies' or alternatively as the 'Big Four'. A related acronym, BRICS, adds South Africa. Indonesia is sometimes suggested to be included on the basis that it is in a similar situation. The term was coined by Jim O'Neill in 2001 as an acronym for four countries that were all deemed to be at a similar stage of newly advanced economic development, but in 2009 the leaders of BRIC countries made the first summit and in 2010 BRIC became a formal institution. South Africa began efforts to join the BRIC grouping and on December 24, 2010, was invited to join BRICS. The original aim of BRIC was the establishment of an equitable, democratic and multi-polar world order, but later BRIC became a political organization, especially after South Africa joined. Jim O'Neill told the 2010 summit that South Africa, at a population of under 50 million people, was just too small as an economy to join the BRIC ranks. The future of BRIC as an economic group is questionable. In 2012, a book with the title Breakout Nations argued that it is hard to sustain rapid growth for more than a decade. The economic potential of Brazil, Russia, India and China is such that they could become among the four most dominant economies by the year 2050. The thesis was proposed by Jim O'Neill, global economist at Goldman Sachs. These countries encompass over 25% of the world's land coverage and 40% of the world's population and hold a combined GDP (PPP) of $20 trillion. On almost every scale, they would be the largest entity on the global stage. These four countries are among the biggest and fastest-growing emerging markets.{Incal 2011} They have taken steps to increase their political cooperation, mainly as a way of influencing the United States position on major trade accords, or, through the implicit threat of political cooperation, as a way of extracting political concessions from the United States, such as the proposed nuclear cooperation with India. The BRIC thesis recognizes that Brazil, Russia, India and China have changed their political systems to embrace global capitalism. Goldman Sachs predicts that China and India, respectively, will become the dominant global suppliers of manufactured goods and services, while Brazil and Russia will become similarly dominant as suppliers of raw materials. Of the four countries, Brazil remains the only polity that has the capacity to continue all elements, meaning manufacturing, services and resource supplying simultaneously. Cooperation is thus hypothesized to be a logical next step among the BRICs because Brazil and Russia together form the logical commodity suppliers. In 2016, an economist from Australia predicted that in 2050, based on Gross Domestic Product per capita spending, China will be the first and followed by India and the United States. Indonesia which nowadays does not belong to BRIC countries will jump from 9th position to 4th position. And Brazil will be in fifth position. It is due to the global economic center is shifting from the Atlantic to the Asia Pacific region. The Goldman Sachs global economics team released a follow-up report to its initial BRIC study in 2004. The report states that in BRIC nations, the number of people with an annual income over a threshold of $3,000 will double in number within three years and reach 800 million people within a decade. This predicts a massive rise in the size of the middle class in these nations. In 2025, it is calculated that the number of people in BRIC nations earning over $15,000 may reach over 200 million people. This indicates that a huge pickup in demand will not be restricted to basic goods but impact higher-priced goods as well. According to the report, first China and then a decade later India will begin to dominate the world economy. Yet despite the balance of growth swinging so decisively towards the BRIC economies, the average level of individuals in the more advanced economies will continue to far outstrip the BRIC economic average.