The BRIC acronym was coined by Goldman Sachs chief economist Jim O’Neill in 2001. He predicted four emerging economies — Brazil, Russia, India as well as China — were on their way to reshape the planet economy.
Opponents said the countries were too different culturally as well as socially to be grouped together as well as which ultimately, the item was a Goldman Sachs marketing ploy.
Still, within the first decade, the countries met all expectations as well as beyond. Investment banks, think tanks as well as academia capitalized on the successes as well as everyone was talking about BRIC. In 2010, the group added South Africa, doing its acronym BRICS.
The countries went via less than 20% of the planet’s GPD in 2003 to about 30% 10 years later. China as well as India were growing exponentially, while rising commodity prices kept Brazil as well as Russia in not bad pace to meet O’Neill’s predictions.
although shortly after the financial crisis, external factors combined with serious internal turmoil proved too much for the group. While China as well as India are growing steadily today, Russia as well as Brazil have gone within the opposite direction.