Ten years ago this month, some of the world’s best economic brains wrote a report predicting that a group of four developing nations were about to muscle their way into the global premier league. In the process they coined one of the best-known acronyms in investment: the BRICs. Written by Jim O’Neill and his team at Goldman Sachs, the report – entitled “Building better global economic Brics” – predicted that Brazil, Russia, India and China would account for a much larger share of the world economy by 2011. Apparently, their predictions have come true in spectacular style. The paper was right on:

“Over the next 10 years, the weight of the BRICs and especially China in world GDP will grow, raising important issues about the global economic impact of fiscal and monetary policy in the BRICs.” – Jim O’Neill, Goldman Sachs, 2001

 Original paper from Goldman Sachs (Nov, 2001) can be downloaded here.

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