MEET THE BRICS
Slide 1: introduction
BRIC: BRIC or BRICs are terms used in economics to refer to the combination of Brazil, Russia, India, and China.
IT was first prominently used in a thesis of the Goldman Sachs investment bank. The main point of this 2003 paper was to argue that the economies of the BRICs are rapidly developing and by the year 2050 will eclipse most of the current richest countries of the world.
The BRIC thesis posits that China and India will become the world's dominant suppliers of manufactured goods and services, respectively, while Brazil and Russia will become similarly dominant as suppliers of raw materials. It's important to note that the Goldman Sachs thesis isn't that these countries are a political alliance (like the European Union) or a formal trading association - but they have the potential to form a powerful economic bloc.
Cooperation is the next step among the BRICs because Brazil and Russia together form the logical commodity suppliers to India and China. Brazil is dominant in soy and iron ore while Russia has enormous supplies of oil and natural gas. Thus, the BRICs have the potential to form a powerful economic bloc to the exclusion of the modern-day G8 status.
Slide 3: G8 vs the BRICs
By 2025, the combined economies of the BRICS will be about half the size of the G8, and in about 40 years, will likely be larger. The rankings of national economies will change considerably.
By 2032, India's economy could be larger than Japan's, making it the 3rd largest in the world. By 2016, China's economy will be larger than those in Japan, United Kingdom, Germany, France, Italy and Canada.
These changes mean that the list of the world's 10 largest economies will likely look different in 2050. Current leaders like Germany, France and Italy will fall behind the BRICs.
By 2050, 4 of the 6 biggest economies in the world ( Japan, China, India and Russia) will be in...