New Economic Powerhouses Emerge

Given the diversity of the numerous "emerging market" economies, it is challenging to define the term. Generally, countries in a transitional phase between developing and developed are seen to be the emerging markets. The best-known examples are Brazil, Russia, India and China, which are collectively known as the BRICs. In this article we look especially at the BRICs and their increasing role in the world economy. The term "BRIC" was prominently used by Goldman Sachs in 2001, when they suggested that by 2050 the combined economies of the BRICs could eclipse those of the richest countries in the world combined. The BRICs currently account for more than a quarter of the world's land area and more than 40 per cent of its population. It is likely that these nations will organise themselves into an economic trading association, similar to the European Union. An indication of this desire to capitalise on their growing economic power was demonstrated during the 2009 BRIC summit in Russia, when they issued a declaration calling for the establishment of a multi-polar world order.