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Posted by Alex on July 10, 2010  •

In economics, BRIC (typically rendered as "the BRICs" or "the BRIC countries" or known as the "Big Four") is a grouping acronym that refers to the related countries of Brazil, Russia, India, and China.

The acronym was coined by Jim O'Neill in a 2001 paper entitle "The World Needs Better Economic BRICs". The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies toward the developing world.

According to a paper published in 2005, Mexico and South Korea are the only other countries comparable to the BRICs, but their economies were excluded initially because they were considered already more developed. Goldman Sachs argued that, since they are developing rapidly, by 2050 the combined economies of the BRICs could eclipse the combined economies of the current richest countries of the world. The four countries, combined, currently account for more than a quarter of the world's land area and more than 40% of the world's population.

Goldman Sachs did not argue that the BRICs would organize themselves into an economic bloc, or a formal trading association, as the European Union has done.However, there are some indications that the "four BRIC countries have been seeking to form a 'political club' or 'alliance'", and thereby converting "their growing economic power into greater geopolitical clout".On June 16, 2009, the leaders of the BRIC countries held their first summit in Yekaterinburg, and issued a declaration calling for the establishment of a multipolar world order

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Global giants

Painting BRIC by numbers[citation needed]
Categories  Brazil  Russia  India  China
Area 5th 1st 7th 3rd
Population 5th 9th 2nd 1st
Population growth rate 107th 221th 90th 156th
Labour force 5th 6th 2nd 1st
GDP (nominal) 8th 12th 11th 3rd
GDP (PPP) 9th 7th 4th 2nd
GDP (nominal) per capita 60th 59th 139th 98th
GDP (PPP) per capita 75th 51st 128th 99th
GDP (real) growth rate 113st 206th 12th 4th
Human Development Index 75th 71st 134th 92nd
Exports 21st 12th 23rd 1st
Imports 24th 14th 15th 2nd
Current account balance 47th 5th 169th 1st
Received FDI 11th 12th 29th 5th
Foreign exchange reserves 7th 3rd 5th 1st
External debt 28th 24th 26th 23rd
Public debt 47th 117th 29th 98th
Electricity consumption 9th 4th 5th 2nd
Number of mobile phones 5th 4th 2nd 1st
Number of internet users 5th 8th 4th 1st
Motor vehicle production 6th 19th 7th 1st
Military expenditures 12th 5th 10th 2nd
Active troops 14th 5th 3rd 1st
Rail network 10th 2nd 4th 3rd
Road network 4th 8th 3rd 2nd