The acronym started as “BRIC” in 2001, when Goldman Sach’s then-chief economist Jim O’Neill predicted that the economic weight of Brazil, Russia, India and China could eclipse the world’s biggest economies in the next decade. A decade passed, and that didn’t happen. But leaders of BRIC nations did hold their first official summit in Russia in 2010, with South Africa joining the group a year later. Since then, they have met regularly to discuss cooperation on global issues. Video below is from CNBC International. Good viewing for A Level Developing Economies.
For more on Development Economics and BRICS view the key notes (accompanied by fully coloured diagrams/models) on elearneconomics that will assist students to understand concepts and terms for external examinations, assignments or topic tests.
‘Counting the Cost’ from Al Jazeera looks at the BRICS countries – Brazil, Russia, India and China (and South Africa, which was added later). According to Jim O’Neill of Goldman Sachs ,who came up came up with the acronym, these countries would, over time, come to dominate the rankings of the world’s richest economies. Apart from China the other countries have been a disappointment and the programme looks into the reasons why they have failed to live up to expectations. Useful for the developing economies topic as it shows how different each economy is and what they are dependent on for economic growth.
The Economist produced a telling graphic that shows the composition of world trade from 2007 to the present day. What is significant is the share of world growth from the BRICS countries – Brazil, Russia, India, China and South Africa. The developed world which is made up of 23 countries contributed just 20% over the same time period. This is mainly due to levels of debt and austerity measures. However the BRICS have contributed 55% of world growth.