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Brics Report

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Where have we come from?
In 2001, the United States carried 23.98% of the worlds total GDP; therefore continuing to establish it’s prominence in the world as a great power. However, Brazil, Russia, India, and China are all within the top 10 countries that carried most of the worlds GDP in 2001. Brazil was ranked 9th on the list carrying 2.92%, Russia was ranked 10th on the list carrying 2.70%, India was ranked 4th on the list carrying 5.06%, and China was ranked 2nd on the list carrying 12.59%. (O’Neill, 2001) Clearly showing that these countries are not coming from nowhere, rather they are coming from somewhere well known and quickly too. A lot of the successes of these countries are credited to their rising strength in the global economy. The primary results that show upward trends for the BRIC nations appear in the early 2000’s leading on until the global financial crisis of 2009. In 2001, it was said that within “the next 10 years, the weight of the BIRCs and especially China in world GDP will grow,” (O’Neill, 2001) Today, as we look at the GDP of each of these countries, we find this statement to be true. Brazils total GDP has doubled since 2001 from $1.24 trillion dollars (O’Neill, 2001) to 2.362 trillion dollars in 2012 (CIA World Factbook, 2013). Similarly, and taken from the same sources, Russia went from 1.17 trillion to 2.50 trillion. India went from 2.10 trillion to 4.78 trillion. And lastly we have China who went from 5.24 trillion to 12.38 trillion in 2012. Each of these countries has literally doubled the total GDP of their country and maintained positive real growth rates in the last 12 years.
Goldman Sachs compared the growth of these 4 emerging economies to the G7, which represents the current Finance Ministers to 7 of the most industrialized nations in the world. The G7 are considered to have a weaker growth rate coming out of their economies than the emerging BRIC nations and therefore it is concluded the BRIC nations will soon surpass...

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