BRICS Countries

It is a group formed by the developed emerging countries of the world. Among them, the most relevant are: Brazil, Russia, India, China and South Africa. These countries have been gaining more importance in the international scenario due to the fact that they became powerhouse economies. Furthermore, compared to the United States and the European Union, they have not been severely injured by the financial crisis back in 2008.

• Beyond BRICS

http://blogs.ft.com/beyond-brics/#axzz2SZ0xQW7y

Importance

Between 2003 and 2007, the combining growth of the leading countries of the BRICS corresponded to 65% of international GDP. In 2010, their GDP combined was equal to 18% of it. In other words, these countries have been experiencing economic prosperity and are thriving.

Origins

The term “BRICS” was coined in 2001 by an economist named Jim O’Neil who worked by Goldman Sachs. In this essay “Building Better Economic BRICs” he described the importance of emerging markets to the global economy and examined their characteristics. However, it was only in 2006 that the leading members started to work jointly in order to establish a common agenda. Generally speaking, this group is characterized by its informality: it does not have a founding document nor it administers a fund to be invested in a certain area.

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