When James O’Neil of Goldman Sachs invented the BRICs (Brazil, Russia, India, China) in 2001, many were excited that these nations would lead and transform the global economy. For the next few years the BRICs appeared to fulfill his prophecy. China’s GDP spurted ahead at 10 percent per year while Russia and India doubled their GDP in the first decade of the new century. Brazil’s economy grew 40 percent.
Now, the very concept of the BRICs seems to be in question. Russia and Brazil are fading with negative growth rates. India is moving faster (7.5 percent per year) but from …read more
Source: The Huffington Post
