Friday, December 31, 2010
Since a seminal 2001, Jim O’Neill, chief economist of Goldman Sachs began to use the word, BRIC in the research report; today BRIC has turned into an interesting word in the current financial crisis. BRIC, meaning Brazil, Russia, India, and China, met in Yekaterinburg, Russia for a summit on 16 June 2009. BRIC accounts for 42 percent of the world’s population and shares 15 percent of the $60.7 trillion global GDP (Reuters News). Interestingly, A couple days before this summit, G7 (or G8) had their own finance minister meeting in Italy.