BRIC is an acronym for the emerging countries Brazil, Russia, India and China. Most located on the east side of our ageing European continent those countries now represent a lot of growth opportunities for the global economy.
Where does BRIC come from?
People agreed that BRIC first appeared thanks to Jim O’Neil who had formerly written a paper entitled “Building Better Global Economic BRICs” in 2001. The acronym spread when Goldman Sachs published a report on 2003 “Dreaming with BRICs: The Path to 2050”. The report was a sort of prediction of our future global economy. In Goldman Sachs’ scenario, the BRICs are the heroes struggling to endorse global growth and that they would dominate the world by 2050. The report has been a good insight to the future as since publication many revelations reported in it were realized, even sooner than expected. I guess this is the reason why the first publication has been reviewed three times since its original publication (2004, 2007, and 2010).
Is BRIC the future of the world?
According to the Goldman Sachs’ report, China and India will become the dominant global supplier for manufactured goods and services. Meanwhile, Brazil and Russia will become the dominant one for raw materials and energy. When we focus on published data it is clear that BRIC will overtake the USA as the world’s biggest importer by 2014.
STAR helps clients who do business in BRIC countries by providing translation services for Documents, Websites and Manuals. If you’re doing business in any BRIC country – STAR can assist you with your language requirements.
Want More BRIC?
There are other versions of BRIC you may also like to explore:
- The Big Four
- BRICS — including South Africa
- CIVETS — acronym from HSBC 2009, including Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa
- MINT — from Fidelity 2011, including Mexico, Indonesia, Nigeria and Turkey