BRIC's Growth in international Dominance

In 1990, BRIC countries accounted for Martinmas of world gross domestic product (GDP). By 2014, this figure rose to just about half-hour. These figures embody a high in 2010, following a plunge in price, encompassing the 2008 monetary crisis.

BRIC countries were originally projected to be the quickest growing market economies by Jim Eugene O'Neill of nihilist Sachs in 2001. The nihilist Sachs thesis doesn't argue that these countries area unit a political alliance, just like the European Economic Community (EU), or a proper commercialism association. Instead, it asserts they need power as AN economic axis. BRIC countries haven't proclaimed formal trade agreements, however leaders frequently attend summits along and infrequently act joined with one another's interests. it's been postulated that by 2050 these economies would be wealthier than most of the present major economic powers.

Goldman Sachs, that coined the term, conjointly created AN investment fund particularly targeted at opportunities within the BRIC economies. however it united that fund with a broader rising markets fund in 2015 following a retardation in growth prospects for the economies.