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Not just another BRIC in the wall

July 11, 2019

The term 'BRIC' was originally coined in 2001 by Jim O'Neill (Goldman Sachs) as an acronym for the four rapidly developing countries of Brazil, Russia, India and China, which symbolised the shift in global economic power away from the developed G7 economies. As O'Neill predicted, the BRIC economies all grew in global significance. In 2001, China was the world's sixth largest economy[1] (second by 2017), Brazil the eleventh (now eighth), India the thirteenth (now fifth) and Russia the sixteenth (now eleventh). By 2017, these economies accounted for more than 41 per cent of the world's population - over 3 billion people[2].