There has been much discussion lately of the inaccurate use of the term BRIC- Brazil, Russia, India, China- as the fastest growing economies. It has become more clear, as we look back on the events of 2013 that one of these countries far outpaces the others.

According to McKinsey’s Gorden Orr, the term BRIC is dead:

Can we declare the end of the “BRICs”? When the acronym came into common use, a decade ago, the BRIC countries—Brazil, Russia, India, and China—contributed roughly 20 percent of global economic growth. Although China was already the heavyweight, it did not yet dominate: in 2004, the country contributed 13 percent of global growth in gross domestic product, while Brazil, Russia, and India combined contributed 9 percent, with similar growth rates. Compare that with the experience of the past two years. China accounted for 26 percent of global economic growth in 2012 and for 29 percent in 2013. The collective share of Brazil, Russia, and India has shrunk to just 7 percent. It’s time to let BRIC sink.

From the World Economic Forum 2013 Global Report- found here.

From the World Economic Forum 2013 Global Report- found here.

Advertisements