What Is Brazil, Russia, India, and China (BRIC)?
BRIC is an acronym for the developing nations of Brazil, Russia, India, and China - countries believed to be the future dominant suppliers of manufactured goods, services, and raw materials by 2050. China and India will become the world's dominant suppliers of manufactured goods and services, respectively, while Brazil and Russia will become similarly dominant as raw materials suppliers. As of 2010, South Africa joined the group, which is now referred to as BRICS.
The Goldman Sachs thesis does not argue that these countries are a political alliance, like the European Union (EU) or a formal trading association. Instead, it asserts they have power as an economic bloc.
Economists believe these nations will become dominant suppliers of manufactured goods, services, and raw materials by 2050 due to low labor and production costs.