Saturday, November 23, 2019

The Definition of BRIC and BRICS

The Definition of BRIC and BRICS BRIC is an acronym that refers to the economies of Brazil, Russia, India, and China, which are seen as major developing economies in the world. According to Forbes, The general consensus is that the term was first prominently used in a Goldman Sachs report from 2003, which speculated that by 2050 these four economies would be wealthier than most of the current major economic powers. In March 2012, South Africa appeared to join BRIC, which thus became BRICS. At that time, Brazil, Russia, India, China and South Africa met in India to discuss the formation of a development bank to pool resources. At that point, the BRIC countries were responsible for about 18% of the worlds Gross Domestic Product and were home to 40% of the earths population. It would appear that Mexico (part of BRIMC) and South Korea (part of BRICK) was not included in the discussion. Pronunciation: Brick Also Known As: BRIMC - Brazil, Russia, India, Mexico, and China. The BRICS countries include more than 40% of the worlds population and occupy over a quarter of the worlds land area. Brazil, Russia, India, China, and South Africa together are a powerful economic force.

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