BRICS Push for Political Clout
March 23, 2012
Brazil, Russia, India and China have become powerful engines of global economic growth over the past decade. The economist who first named these diverse emerging economies the "BRIC" nations, says their growth will continue, and may spread to some other emerging economies.
Leaders of the BRICS are gathering in India on March 28 for a summit that one expert says will "make or break" their efforts to build political clout to match their economic power.
Brazil and three other large developing nations caught the atttention of a Goldman Sachs economists more than a decade ago, prompting him to preeict they had the key ingredients for powerful economic growth.
These so-called BIRC nations - Russia, India and China are the others - are now joined by South Africa.
That Goldman Sachs economist, Jim O’Neill, says the BRICS grew even faster than he expected. He says they far outpaced the rate of expansion in Europe and the United States.
"These guys [nations] have come to be the marginal, critical player of virtually everything in the world economy," he said. "They were not so important collectively, and other than China, hardly relevant individually; today they are nearly 25 percent of global GDP about 10 percent more than I thought would have been likely 11 years ago."
While the rate of growth is slowing in China and Brazil, O’Neill says BRIC expansion is nowhere near finished.
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