BRICs

BRICs (Brazil, Russia, India, and China) are four countires whose economic potential is such that they may become among the four most dominant economies by the year 2050. The thesis was proposed by Jim O'Neil, global economist at Goldmann Sachs.

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The BRIC thesis is merely just that. Prediction of events in future has always been notoriously difficult. There are many uncertainties and assumptions that could mean that any of these four countries do not live up to their promise. The preeminence of China and India as major manufacturing countries with unrealised potential has been widely recognised, but some commentators state that China's lack of full democracy could be a problem in the future, as is the possibility of conflict over Taiwan. Likewise, the population of Russia is declining, and this may have implications for its future. The potential of Brazil has been speculated upon for many decades without amounting to fulfilling this potential. Factors such as international conflict, civil unrest, political policy, outbreaks of disease and terrorism are all factors that are difficult to predict and that could have an effect on the destiny of any country. India, China and Russia are all in disupte regarding territory for example. Nonetheless, the BRIC thesis is based upon thorough analysis of key economic indicators.