The BRIC acronym was coined by Goldman Sachs chief economist Jim O’Neill in 2001. He predicted 4 rising economies — Brazil, Russia, India and China — have been on their solution to reshape the world financial system.
Opponents stated the nations have been too completely different culturally and socially to be grouped collectively and that finally, it was a Goldman Sachs advertising ploy.
Nonetheless, within the first decade, the nations met all expectations and past. Funding banks, assume tanks and academia capitalized on the successes and everybody was speaking about BRIC. In 2010, the group added South Africa, making its acronym BRICS.
The nations went from lower than 20% of the world’s GPD in 2003 to about 30% 10 years later. China and India have been rising exponentially, whereas rising commodity costs stored Brazil and Russia in good tempo to fulfill O’Neill’s predictions.
However shortly after the monetary disaster, exterior components mixed with critical inner turmoil proved an excessive amount of for the group. Whereas China and India are rising steadily in the present day, Russia and Brazil have gone in the other way.