Last Updated on: 12th February 2021, 06:52 pm
BRIC is an acronym for the economic bloc of countries consisting of Brazil, Russia, India, and China.
In 2010, South Africa joined the BRIC group.
BRIC countries were originally projected to be the fastest-growing market economies by Jim O’Neill of Goldman Sachs in 2001.
The Goldman Sachs thesis does not argue that these countries are a political alliance, like the European Union (EU), or a formal trading association. Instead, it asserts they have power as an economic bloc.
Economists believe these nations will become dominant suppliers of manufactured goods, services, and raw material by 2050 due to low labor and production costs.
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