What is BRIC?
No, it’s not a typo for construction-building materials…that would be brick.
BRIC is an acronym for the economies of Brazil, Russia, India, and China. According to Investopedia.com, Goldman Sachs first used the term BRIC in a report from 2003, stating that these four emerging countries will have wealthier economies than most of the current major economic powers by 2050.
When using the term BRIC, please be aware of that BRIC is used as a collective description to describe the four economies, not each individual nation. China’s economy is manufactured-based and India has moved up the economic ladder to be more of a services/IT-based economy. While both Brazil and Russia are dominant as suppliers of natural resources and raw materials. I believe nowadays, when businesses refer to BRIC, it’s now used as a more generic marketing term, especially discussing foreign expansion opportunities.