Not small change: BRICS accounts for 40% of GDP

March 28, 2012 16:59

BRICS traces its origin to the BRIC acronym coined by Goldman Sachs economist Jim O' Neill in a paper entitled 'The World Needs Better Economic BRICs,' based an economic modelling exercise to forecast global economic trends over the next half century.

He predicted that Brazil, Russia, India and China will become major economic powers over the next few decades. Till 2011, it was BRIC and later with the inclusion of South Africa in a Summit in Sanya in April last year, the grouping became BRICS.

BRICS accounts for 26 per cent of the world's landmass and 42 per cent of the global population, including India and China, two of the world's most populous countries. It accounts for 40 per cent of global GDP and its proportion is rapidly increasing.

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