BRICA
 BRIC |
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 "the BRIC economies" or alternatively as the "Big Four". A related acronym, BRICS, adds South Africa. There are arguments that Indonesia should be included into grouping, effectively turning it into BRIIC or BRIICS.
Previously BRIC was coined by Jim O'Neill in 2001 as an acronym of 4 countries which are 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 South Africa was invited to join BRICS. The aim of BRIC is establishment of an equitable, democratic and multi polar world order, but later BRIC became a political organization, moreover after South Africa joined BRICS. Jim O'Neill, told the summit that South Africa, at a population of under 50 million people, was just too small as an economy to join the BRIC ranks.
But the future of BRIC as an economy group is questionable. In 2012, a book with the title 'Breakout Nations' mentioned 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}
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