Please update this article to reflect recent events or newly available information. 2009 the leaders of BRIC countries made the first summit and in 2010 BRIC became a formal institution. South Africa began efforts to join the BRIC grouping and goldman sachs business principles pdf December 24, 2010 South Africa was invited to join BRICS. BRIC became a political organization, moreover after South Africa joined BRICS.
Jim O’Neill, told the summit that South Africa, at a population of under 50 million people, was just too small as an economy to join the BRIC ranks. But the future of BRIC as an economy group is questionable. In 2012, a book with the title ‘Breakout Nations’ mentioned that it is hard to sustain rapid growth for more than a decade. On almost every scale, they would be the largest entity on the global stage. United States, such as the proposed nuclear cooperation with India.
Brazil and Russia will become similarly dominant as suppliers of raw materials. Cooperation is thus hypothesized to be a logical next step among the BRICs because Brazil and Russia together form the logical commodity suppliers. China will be the first and followed by India and the United States. BRIC countries will jump from 9th position to 4th position.
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And Brazil will be in fifth position. It is due to the global economic center is shifting from the Atlantic to the Asia Pacific region. 3,000 will double in number within three years and reach 800 million people within a decade. This predicts a massive rise in the size of the middle class in these nations. 15,000 may reach over 200 million people. This indicates that a huge pickup in demand will not be restricted to basic goods but impact higher-priced goods as well.