BRIC

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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