In economics,
BRIC is a grouping
acronym that refers to the
countries of
Brazil,
Russia,
India and
China, which are all deemed to be at a similar stage of newly advanced economic development. It is typically rendered as "the
BRICs" or "the
BRIC countries" or alternatively as the "Big Four".
The acronym was coined by
Jim O'Neill in a 2001 paper entitled "Building Better Global Economic BRICs".
and Global Economics Paper 134, How Solid Are the BRICs?
The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies towards the developing world.According to a paper published in 2005,
Mexico and
South Korea were the only other countries comparable to the BRICs, but their economies were excluded initially because they were considered already more developed, as they were already members of the
OECD.
Several of the more developed of the
N-11 countries, in particular
Turkey, Mexico,
Nigeria and
Indonesia, are seen as the most likely contenders to join the BRICs. Some other developing countries that have not yet reached the N-11 economic level, such as
South Africa, aspire to BRIC status. Economists at the
Reuters 2011 Investment Outlook Summit, held on 6–7 December 2010, dismissed the notion of South Africa joining BRIC....
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