The current acronym is "BRIC": Brazil, Russia, India, China. You can find a lot of links by doing a Google on the search "BRIC Brazil Russia India China".
From Google news, for instance, you can find this June 15, 2005 article:
Will BRIC lead the world economy?
DEBIPRASAD NAYAK
INDIATIMES NEWS NETWORK[ WEDNESDAY, JUNE 15, 2005 10:43:30 PM]
Recently international bank loans recorded one of the strongest growths in three of the four BRIC economies, according to the latest report released by the World Bank. While it doubled in India from $3.5 bn in 2003 to $7 bn in 2004, in Russia it went up from $4.9 bn to $8.2 bn during the period. In Brazil it also more than doubled from $3.8 bn to $8.9 bn. According to investment banker Goldman Sachs, over the next 50 years, the BRIC economies could become a much larger force in the world economy.
What is BRIC?
BRIC stands for four emerging nations, Brazil, Russia, India and China. It is a coalition of emerging superpowers proposed by Russian President Vladimir Putin.
The coalition encompasses over 40 per cent of the world's population and holds a combined GDP of $12.14 trillion. The idea was proposed because of growing concerns regarding the domination of the US and the European Union over the world economy and political scene. As all the members have experienced enormous growth in the past few years and are expected to continue this, the coalition will likely grow to be a larger threat to developed countries. Unlike other developed nations, BRIC economies do not want to dominate the world economy. What they want is an end to their poverty and an end to the global and unilateral leadership of the United States.
What is Goldman Sachs report on BRIC?
A recent Goldman Sachs report has forecast that Brazil, India and China together with Russia (BRIC) will outstrip the current dominant members of the global economy within half a century. By 2050, the BRIC’s economies together could be larger than the G6 (the US, Japan, England, France, Italy and Germany) in dollar terms. By 2025 they could account for over half the size of the G6. Currently they are worth less than 15 per cent. Of the current G6, only the US and Japan may be among the six largest economies in dollar terms in 2050. The list of the world’s ten largest economies may look quite different in 2050.
According to Goldman Sachs India’s economy could be larger than Japan’s by 2032, and China’s economy could be larger than the US by 2041. Among the BRIC members, India has the potential to show the fastest growth over the next 50 years. Growth could be higher than 5 per cent over the next 30 years and close to 5 per cent in the next 20 years. By 2030, China’s per capita income could be around $30,000. In the US, income per capita by 2050 could reach roughly $80,000.
What are the driving forces behind this surge?
The major driving force behind the soaring economy is the GDP growth. China will continue to witness a GDP growth of over 7 per cent till 2010 and over 4 per cent till 2035. At the same time, India will grow at a rate of 5-6 per cent. In the case of Russia and Brazil, the growth rate will vary between 3-4 per cent. Both rising currencies and faster growth will narrow the gap between BRIC and developed economies.
What is driving India?
In India, the main driving force behind the constant growth is the technology sector. Other factors like consumer boom, rising stock market, the booming auto and pharma exports and growing real estate market are also boosting the economy.
By 2010, annual export revenues from India's information technology (IT) sector are predicted to hit $50 bn, up from $16.3 bn in 2004-05. Low inflation, encouraging government policy and a lower exchange rate can also help to promote growth.
Over the last few years, restrictions on foreign direct investment and foreign equity ownership have been relaxed. India is home to 17 per cent of the world’s total population and the country has witnessed phenomenal educational development. One factor that puts India in a position of great advantage is its growing proportion of 'intelligent' working population.
How is Brazil moving to be a giant economy?
Brazil's economy is around $560 billion and it makes up around half of South America's entire economic output. From 1930 onwards, Brazil has achieved exceptionally high growth and it is the eighth largest economy in the world. In 1994, rising inflation rates had disrupted economic activity and discouraged foreign investment. However, it has recovered from the recession and is moving towards a bright future. Today, more than 2,000 US companies operate in Brazil and Brazilians purchase 18 per cent of the US exports.
Out of 500 largest multinationals, 405 have a Brazilian subsidiary. If Brazil falls into recession, it is likely to drag the rest of Latin American economy with it. If demand dries up, it could bring an end to the growth in the US economy.
Brazilian economy is distributed widely with 7.5 per cent working in primary sector (agriculture), 35.8 per cent in industry and 56.7 per cent in the services sector.
What about the dragon?
The driving force which has transformed the communist-controlled economy into market giant is the export-oriented development. The Asian Development Bank has reported that the Chinese economy is expected to expand rapidly from 2005 to 2007, with growth rates expected to reach 8.5 per cent, 8.7 per cent and 8.9 per cent respectively. The industry sector is likely to expand by 9-10 per cent over the next few years. China continued to be a favored destination for foreign investment, which rose by 13.3 per cent to $60.6 bn in 2004.
Moreover, the country's infrastructure has been strengthened and its business environment has improved significantly over the last decade. While the GDP growth will remain above 8 per cent, the inflation rate is expected to be around 3.5 per cent. The nation's future economic development will continue to be fuelled by the rapid growth of fixed asset investment, backed by the high savings rate and a major inflow of foreign direct investments.
Will Russia again emerge as the world leader?
Russian growth in 1999-2003 was around 6.5 per cent. Since 2000, the main driving force behind the growing Russian economy is the private oil companies’ performance. The oil industry accounted for slightly less than half of GDP growth. The private oil companies have played a crucial role in keeping Russia’s external balance in surplus. The government has estimated the GDP to grow by 5.4 per cent in 2005. Foreign investments in Russian economy is also expected to reach $100 bn by 2006.
Each BRIC member faces different challenges to keep development on track. If they can remove the barriers, they will be able to oust the developed economies which are shrinking with the passage of time.
Thanks for the helpful post...I'll look into that (BRIC).