Building Better Global Economic BRICs

Building Better Global Economic BRICsBuilding Better Global Economic BRICs.

Jim O’Neill’s game-changing paper on the importance of BRICs economies.

In 2001 and 2002, real GDP growth in large emerging market economies will exceed that of the G7.

At end-2000, GDP in US$ on a PPP basis in Brazil, Russia, India and China (BRIC) was about 23.3% of world GDP. On a current GDP basis, BRIC share of world GDP is 8%.

Using current GDP, China’s GDP is bigger than that of Italy.

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.

In line with these prospects, world policymaking forums should be re-organised and in particular, the G7 should be adjusted to incorporate BRIC representatives.