What Is BRIC?
BRIC is an acronym used to refer to Brazil, Russia, India, and China, countries which are considered to be at the same level of newly advanced economic development. Today they are referred to as BRICS after the controversial addition of South Africa in 2010. There are arguments that Indonesia should also be included in the grouping, which would make it BRIIC or BRIICS.
How And Why Did The Concept Of BRIC Develop?
The term was coined in 2001 by Jim O’Neill, who was the then head of global economics research at the investment bank, Goldman Sachs. The acronym became ubiquitous in popular usage, being seen as a symbol of the shift in global economic power from developed G7 economies towards the developing world. Jim O’Neill projected that the BRIC countries would overtake the G7 economies by 2027.
General Statistics Of The BRIC Countries
Regarding Area, Brazil is 5th in the world, Russia 1st, India 7th, and China 3rd.
In population, Brazil is 5th, Russia is 9th, India is 2nd, and China is 1st.
In nominal GDP, Brazil is 7th, Russia is 10th, India is 7th, and China is 2nd.
Human Development Index
In Human Development Index, Brazil is 85th, Russia is 55th, India is 114th, and China is 101st.
Regarding imports, Brazil is 21st, Russia is 17th, India is 8th, and China is 2nd.
Foreign Exchange Reserves
In Foreign exchange reserves, Brazil is 8th, Russia is 6th, India is 9th, and China is 1st.
In electricity consumption, Brazil is 9th, Russia is 3rd, India is 4th, and China is 1st.
In renewable resources, Brazil is 3rd, Russia is 5th, India s 6th, and China is 1st.
In the number of mobiles, Brazil is 3rd, Russia is 5th, India is 2nd, and China is 1st.
In the number of Internet users, Brazil is 5th, Russia is 6th, India is 2nd, and China is 1st.
In motor vehicle production, Brazil is 7th, Russia is 11th, India is 6th, and China is 1st.
In military expenditure, Brazil is 11th, Russia is 3rd, India is 8th, and China is 2nd.
In the number of active troops, Brazil is 15th, Russia is 5th, India is 2nd, and China is 1st.
In the number of peacekeepers, Brazil is 24th, Russia is 77th, India is 3rd, and China is 9th.
UN Peace Keepers
In the number of UN peacekeepers, Brazil is 24th, Russia is 77th, India is 3rd, and China is 9th.
In the extent of the rail network, Brazil is 10th, Russia is 3rd, India is 4th, and China is 2nd.
In the scope of the road network, Brazil is 4th, Russia is 7th, India is 2nd, and China is 3rd.
Proposed Inclusions: Mexico And South Korea?
Mexico and South Korea were considered for inclusion in BRIC since their economies could be compared to those of the BRIC countries. However, they were not included, initially, because they were considered more developed since they were already members of the Organisation for Economic Cooperation and Development, an intergovernmental economic organization with 35 member states, which was founded in 1961 to encourage economic growth and global trade. Jim O’Neill instead suggested the term MINT, to comprise Mexico, Indonesia, Nigeria, and Turkey.
Though Jim O’Neill never suggested that the BRIC countries would organize themselves into an economic bloc, as his paper was theoretical, there are indicators that the BRIC nations have been looking to form some sort of political union to convert their economic power into greater geopolitical influence. In 2009, leaders of these nations had their first meeting in Yekaterinburg, Russia. Afterward, they met in Brasilia, Brazil in 2010; Sanya, China in 2011; New Delhi, India in 2012; UFA, Russia in 2015; and Goa, India in 2016.