December 26, 2010

BRIC Countries Soon To Become BRICS

The BRIC countries are soon to become the BRICS countries.

BRIC (Brazil, Russia, India, China) was an acronym coined by Jim O’Neill at Goldman Sachs in 2001 to group these fast-growing emerging markets that are roughly at the same stage of development. For the last 10 years the BRIC grouping has stayed the same. But this will change in 2011.

Starting in 2011, South Africa will be added to this grouping, changing the acronym to the BRICS (Brazil, Russia, India, China, South Africa) countries.

The 2009 GDP of the BRICS countries is as follows  (via CIA factbook)
Brazil - $1.574 trillion
Russia - $1.232 trillion
India - $1.237 trillion
China – $4.985 trillion
South Africa - $0.287 trillion

US - $14.12 trillion   as a reference

While South Africa’s economy currently is small compared to the other BRICS countries, it brings access to the next largest growth market in the world, Africa. Africa has all the makings for fantastic growth over the next few decades – a population of 1 billion that is comparable to China & India in people, vast natural resources and tremendous room for development. South Africa will be Africa’s representative in the BRICS grouping.