BRIC is an acronym for Brazil, Russia, India, and China.

In 2003 Goldman Sachs issued a report which predicted that by 2050 the four BRIC economies would be wealthier than most of the current major economic powers.

All these nations share some the following characteristics:

• A large population
• Vast territory with an abundance of natural resources
• Impressive GDP growth and world trade

Mexico and South Korea are the only countries which are comparable to the BRICs, however, they are excluded as they are already members of the Organization for Economic Co-operation and Development (OECD).

Jim ONeill, global economist at Goldman Sachs, coined the term BRIC

BRIC countries are estimated to account for over 40% of the world population and have a combined GDP of $134,951 billion USD.

On almost every scale, BRIC would be the largest group of countries on the global stage.

However, it is crucial to note that Jim ONeills report does not argue that these four countries are a political alliance  such as the European Union, or a formal trading association like the Association of Southeast Asian Nations (ASEAN).

BRIC countries:

Brazil

Brazil is by far the largest economy in South America. The countrys agricultural, manufacturing, and mining sectors account for most of Brazils economy.

Population: 201,009,622 (July 2013 estimate)

Labor force:  105.7 million (2012 estimate)

GDP (PPP): $2.394 trillion (2012 estimate)

GDP real growth rate:  0.9 percent (2012), 2.7 percent (2011), and 7.5 percent (2010)

Exports:  $242.6 billion (2012 estimate)

Imports:  $223.2 billion (2012 estimate)

External debt:  $438.9 billion (31 December 2012 estimate)

Public debt:  58.8% of GDP (2012 estimate)

Defense budget:  1.3 percent of GDP (2012)

Russia

After years of communism the Russian Federation is no longer a globally-isolated nation. The country has drifted from a centralized economy to a market-based economy with a global vision.

Population:  142,500,482 (July 2013 estimate)

Labor force:  75.68 million (2012 estimate)

GDP (PPP):  $2.555 trillion (2012 estimate)

GDP real growth rate:  3.4 percent (2012), 4.3 percent (2011), and 4.5 percent (2010).

Exports:  $528 billion (2012 estimate)

Imports:  $335.7 billion (2012 estimate)

External debt: $631.8 billion (31 December 2012 estimate)

Public debt:  58.8% of GDP (2012 estimate)

Defense budget: 3.9 percent of GDP (2012)

India

A little over fifty percent of Indias labor force is in the agricultural sector. However, the countrys main source of economic growth comes from services (making up almost 66 percent of the countrys total output).

Population:  1,220,800,359 (July 2013 estimate)

Labor force: 482.3 million (2012 estimate)

GDP (PPP):  $4.761 trillion (2012 estimate)

GDP real growth rate: 6.5 percent (2012), 7.7 percent (2011), and 11.2 percent (2010).

Exports:  $301.9 billion (2012 estimate)

Imports:  $503.5 billion (2012 estimate)

External debt:  $378.9 billion (31 December 2012 estimate)

Public debt:  51.7% of GDP (2012 estimate)

27s_Republic_of_China.svg/125px-Flag_of_the_People%27s_Republic_of_China.svg.png /%China

China became the worlds greatest exporter in 2010. After years of a very centralized economy China is beginning to adopt a much more market-oriented economy.

Population:  1,349,585,838  (July 2013 estimate)

GDP real growth rate: 7.8 percent (2012), 9.3 percent (2011), and 10.4 percent (2010).

Exports:  $1.971 trillion (2012 estimate)

Imports:  $1.653 billion (2012 estimate)

External debt:  $728.9 billion (31 December 2012 estimate)

Public debt: 31.7% of GDP (2012 estimate)

Defense budget:  2.6 percent of GDP (2012)

The future of BRIC countries

The Economist recently stated that a “great deceleration” could occur. The economies of China and India dropped from double-digit growth rates prior to the financial crisis to only single digit figures.

However, Ruchir Sharma, the head of emerging markets and global macro at Morgan Stanley Investment Management, told the Economist:

This cooling phase will be particularly dramatic, because of the unprecedented scope and pace of the boom in the last decade. Starting with the highly accommodative American monetary policy stance in 2003, in response to the tech bust, a tide of easy money fueled a new investor enthusiasm for emerging nations that in turn had cleaned up their act following the serial crises that had afflicted many of them in the 1990s.

He added:

Over the next four years, the average annual GDP growth rate in emerging nations doubled to 7.5%. By 2007, with three small exceptions, every economy in the emerging world was growing, and more than 100 were growing faster than 5%. This kind of synchronized global boom had never happened before, so far as the records show, and it is not likely to happen again.

Infographic  the BRIC economies