Ten years ago, Jim O'Neill, chairman of Goldman Sachs Asset Management, coined the term "BRIC". Now he is questioning whether Brazil, Russia, India and China can still be defined as emerging markets.
In the past, the advanced economies empowered the world economy. Today, large emerging economies drive global growth. In the emerging world, the future is a source of hope and optimism.
Ever since the chief economist at Goldman Sachs coined the acronym BRIC in 2001, each of these economies has continued to grow in dominance and influence. By the end of 2010, the BRIC economies accounted for about 25 percent of the global land mass and 40 percent of the world's population.
The continuing rise of developing nations, such as those of the newly enlarged BRICS, marks a significant change in the global economic and political landscapes and will have a far-reaching influence on world development.
BRICS countries are committed to the development of developing nations and the entire world, a senior Chinese official said in Beijing on Friday.
Think tanks from the BRICS nations on Thursday encouraged the mechanism to expand from the economic arena, three weeks before state leaders of the five emerging economies meet in China for their annual summit.
Nation should increase constructive dialogue and strategic cooperation with foreign partners to facilitate modernization.
China and Brazil have to maintain close contact and raise their strategically relevant partnership to the highest level
Of the emerging economies in Asia, Latin America, East Europe and Africa, two stars stepped into the spotlight in 2010.
Brazil, Russia, India, and China recently held their second annual summit in Brasilia. Journalists continue to lavish attention on these so-called "BRIC" countries, but I remain skeptical of the concept.
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