Goldman Sachs economist Jim O’Neill coined the acronym “BRIC” to designate the f

Question

Goldman Sachs economist Jim O’Neill coined the acronym “BRIC” to designate the four huge, emerging economies of Brazil, Russia, India and China. All of these countries are very large in terms of both population and geography. All have substantial resources to leverage for growth. These are not impoverished, dependent “third world” countries.

So, if they are “emerging”

(1) what are they emerging from? Said another way, what kept these countries from achieving the success they have enjoyed over much of the last decade?

(2) are all of these countries doing as well today as they were expected to 10-15 years ago? If not

(3) why?

Explanation / Answer

BRIC countries includes brazil, russia, india and china and all these countries have one thing in common that these countries have high population and are large countries. All these countries are devoloping nations and are growing at a very large scale because they have cheap labour and are rich in natural resources. These countries are producing goods and services at a much less cost than other countries which is making their economy strong and stable. Together these contries have a population of 3.1 billion which is around 32% of the world's total population and around 25% of the world's total land coverage.

These countries are growing at an exceptional rate as in the last decade these countries have been using technology and labour in a much efficient manner.

BRIC countries are not the same countries which they used to be 10-15 years ago as they are using their resources and labour in a much organised and effective manner which is helping their economy to boost up. The BRIC countries are the platform for the MNC's to set up as these countries is a consumer hub for them because of the large population, huge consumer base and cheap labour. These things have made them grow at a much higher rate and has been the difference over the last decade.

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