Nowadays, in conditions of deep world economic order transformation, very big attention is given to term-acronym BRIC, which was created thanks to investment bank “Goldman Sachs” and combine Brazil, Russia, India and China. It was published by “Goldman Sachs” in a 2001 in paper entitled "Building Better Global Economic BRICs". This report was published put forward the idea that this “quartet” would be the prominent actors of the global system by 2050, mentioned that these countries will cover 25% of the earth, 40% of the world population and approximately have 18,5 trillion dollars of GDP by then (Goldman Sachs 2007). The BRICs’ common features include large territory and population, low income levels but also fast economic growth resulting in the emergence of a prosperous local middle class (Peter Havlik 2009). The main parameters of BRIC countries we can examine from the Figure 1.
Figure 1. The main current parameters of BRIC countries. Source:
In 2000, the four countries of BRIC, contributed just 18 percent of global GDP, while industrialized nations contributed about 65 percent. By 2010, BRIC countries provided more than a quarter of the world's GDP, at 27 percent. The rich countries' share had shrunk to 56 percent (China Daily 2011).
By 2020, all of the BRIC should be in the top 10 largest economies of the world. The undisputed heavyweight, though, will be China, also the largest the creditor in the world.
From autumn 2008, the popularity of this term is increasing significantly, creating tempestuous discussions among supporters, who predicts to BRIC a world leadership and opponents, who confirms that this is only combination of the letters, which was created only for investor’s attraction.
A phenomenon of BRIC is very young according to historical laws.
The "quartet" convergence begins on the basis of the need and feasibility of positions on the world... [continues]
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