The economic grouping acronym BRIC that referred to Brazil, Russia, India and China was changed to BRICS in 2011 to include what country?
"BRICS U-17 Football Cup The BRICS U-17 Football Cup is a U-17 Football tournament played among teams of five BRICS countries - economic block formed by Brazil, Russia, India, China and South Africa. The 1st historic edition was played in Goa, India in 2016 on the occasion of the 8th BRICS summit that was held in India. The Tournament will take place once every year with 10-day and following the lines of the tournaments under-17 FIFA. Each edition will be held in a BRICS nation. On 1 October 2016 The Prime Minister of India Shri Narendra Modi, unveiled the Trophy"
"1st BRIC summit The inaugural BRIC summit took place in Yekaterinburg, Russia on June 16, 2009. The four heads of government from the BRIC countries attended. The acronym BRIC (for Brazil, Russia, India, China) was first used in a Goldman Sachs thesis projecting that the economic potential of Brazil, Russia, India and China is such that they may become among the five most dominant economies by the year 2050. Today, the four countries produce about 15 percent of the world’s gross domestic product and hold about 40 percent of the gold and hard currency reserves. Political dialogue between the BRIC"
"returns."" 2nd BRIC summit The 2010 BRIC summit took place in Brasília, Brazil on April 16, 2010. This was the second BRIC summit after Yekaterinburg in 2009. The meeting took place between the four heads of government from the BRIC states following bilateral meetings in the prior days. The acronym BRIC (for Brazil, Russia, India, China) was first used in a Goldman Sachs thesis projecting the economic potential of Brazil, Russia, India and China. Previously, the 1st BRIC summit took place in Yekaterinburg, Russia in 2009 and discussed global issues. This year's summit follows the Washington Nuclear summit hosted by"
"2nd BRIC summit The 2010 BRIC summit took place in Brasília, Brazil on April 16, 2010. This was the second BRIC summit after Yekaterinburg in 2009. The meeting took place between the four heads of government from the BRIC states following bilateral meetings in the prior days. The acronym BRIC (for Brazil, Russia, India, China) was first used in a Goldman Sachs thesis projecting the economic potential of Brazil, Russia, India and China. Previously, the 1st BRIC summit took place in Yekaterinburg, Russia in 2009 and discussed global issues. This year's summit follows the Washington Nuclear summit hosted by U.S."
"Jim O'Neill, Baron O'Neill of Gatley Terence James O'Neill, Baron O'Neill of Gatley (born 17 March 1957), former chairman of Goldman Sachs Asset Management and former Conservative government minister, is a British economist best known for coining BRIC, the acronym that stands for Brazil, Russia, India, and China—the four rapidly developing countries that have come to symbolise the shift in global economic power away from the developed G7 economies. As of January 2014, he is an Honorary Professor of Economics at the University of Manchester. He was appointed Commercial Secretary to the Treasury in the Second Cameron Ministry, a position"
"forecasted to expand 4.6% in 2016, from an estimated growth of 3.9% in 2015. The World Bank expected BRICS growth to increase to 5.3% in 2017. The BRICS have received both praise and criticism from numerous commentators. Bilateral relations among BRICS nations have mainly been conducted on the basis of non-interference, equality, and mutual benefit. The term ""BRIC"" was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication ""Building Better Global Economic BRICs"". The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September"
"group of emerging economies comprising Brazil, Russia, India, China and South Africa, called for brotherhood among the member states citing ""Vasudhaiva Kutumbakam"", an ancient Indian concept meaning the entire world is one family, to unitedly face the global challenges. India together with its BRICS partner working toward launching of a financial institute rivalling the western dominated World Bank and IMF which was first proposed during the New Delhi summit in 2012 by the then Indian Prime Minister Manmohan Singh. In the 6th BRICS summit held on 14–26 July in Fortaleza, Brazil the group have agreed to establish the bank with"
"acronym for the big emerging markets, Brazil, Russia, India and China. In a cover story for the November/December 2012 issue of Foreign Affairs, ""Broken BRICs, Why the Rest Stopped Rising’, Sharma argued that if you look at the individual storylines in these nations, each faces serious challenges to sustaining rapid growth. For example, China has reached a stage in development, with a per capita income of around $6,000, at which the growth of even the most successful economies in history (including Japan, Korea and Taiwan) began to slow markedly. And as China slows, nations like Brazil and Russia that thrived"
"as South Korea, Mexico and Turkey for which other acronyms and group associations were later created. In 2015, the five BRICS countries represent over 3.1 billion people, or about 41% of the world population; four out of five members (excluding South Africa at #24) are in the top 10 of the world by population. As of 2018, these five nations have a combined nominal GDP of US$18.6 trillion, about 23.2% of the gross world product, combined GDP (PPP) of around US$40.55 trillion (32% of World's GDP PPP) and an estimated US$4.46 trillion in combined foreign reserves. Overall the BRICS are"
"join the BRIC ranks. But the future of BRIC as an economy group is questionable. In 2012, a book with the title ""Breakout Nations"" mentioned that it is hard to sustain rapid growth for more than a decade. They have taken steps to increase their political cooperation, mainly as a way of influencing the United States position on major trade accords, or, through the implicit threat of political cooperation, as a way of extracting political concessions from the United States, such as the proposed nuclear cooperation with India. The BRIC thesis recognizes that Brazil, Russia, India and China have changed"
"2006 at the margins of the General Debate of the UN General Assembly, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009. The BRIC grouping's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009, with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending. The summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future. There"
"is likely going to create an economy larger than the bulk of the G7. According to some opinions, a reunited Korea could occur before 2050, or even between 2010 and 2020. If it occurred, Korean reunification would immediately raise the country's population to over 70 million. BRIC In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development. It is typically rendered as ""the BRICs"" or ""the BRIC countries"" or ""the BRIC economies"" or alternatively as the ""Big"
"declaration in favour of ""comprehensive reform of the UN, including its Security Council."" 3rd BRICS summit The 2011 BRICS summit () took place in Sanya on the island of Hainan, China, on 14 April 2011. This was the third BRICS summit since 2009. The meeting took place between the five heads of state/heads of government from the BRICS states following bilateral meetings in the prior days. Following a meeting in Brasilia in 2010, to which South Africa was invited as a guest, the group invited South Africa to join as a full member in 2011 and the group formerly called"
"India and China among the BRIC economies. Important steps taken since the 1990s toward fiscal sustainability, as well as measures taken to liberalize and open the economy, have significantly boosted the country's competitiveness fundamentals, providing a better environment for private-sector development. In 2016 Forbes ranked Brazil as having the 12th largest number of billionaires in the world. Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, Paris Club and the Cairns Group. When the Portuguese explorers arrived in the 16th century, the native tribes of current-day Brazil totaled about 2.5 million people and had"
"BRICs, changing the acronym to BRIMCK, with Jim O'Neill pointing out that Korea ""is better placed than most others to realize its potential due to its growth-supportive fundamentals"". Again Jim O'Neil recently created the term MIKT that stands for Mexico, Indonesia, South Korea, and Turkey. A Goldman Sachs paper published later in December 2005 explained why Mexico and South Korea were not included in the original BRICs. According to the paper, among the other countries they looked at, only Mexico and South Korea have the potential to rival the BRICs, but they are economies that they decided to exclude initially"
"BASIC countries The BASIC countries (also Basic countries or BASIC) are a bloc of four large newly industrialized countries – Brazil, South Africa, India and China – formed by an agreement on 28 November 2009. The four committed to act jointly at the Copenhagen climate summit, including a possible united walk-out if their common minimum position was not met by the developed nations. This emerging geopolitical alliance, initiated and led by China, then brokered the final Copenhagen Accord with the United States. Subsequently, the grouping is working to define a common position on emission reductions and climate aid money, and"
"well as in academia. Its usage has grown specially in the investment sector, where it is used to refer to the bonds emitted by these emerging markets governments. Primarily, along with the BRICs, Goldman Sachs argues that the economic potential of Brazil, Russia, India, Mexico and China is such that they may become (with the United States) the six most dominant economies by the year 2050. Due to Mexico's rapidly advancing infrastructure, increasing middle class and rapidly declining poverty rates it is expected to have a higher GDP per capita than all but three European countries by 2050, this new"
"Economic and Social Council for three-year terms beginning 1 January 2012. Belarus, Brazil, Burkina Faso, Cuba, Dominican Republic, El Salvador, Ethiopia, France, Germany, India, Indonesia, Ireland, Japan Lesotho, Libya, Nigeria, Spain and Turkey replaced Côte d'Ivoire, Estonia, France, Germany, Guatemala, Guinea‑Bissau, India, Japan, Malta, Mauritius, Morocco, Namibia, Peru, Saint Kitts and Nevis, Saudi Arabia, Spain, Switzerland and Venezuela. Hungary also relinquished the remainder of its term in favour of an ""internal agreement"" with Bulgaria, as did the Belgium and Norway in accordance with the Western Europe and Others group's rotation policy to be replaced by Netherlands and Switzerland. While many"
"the $15.42 rate during 2009's low, the peso depreciated 31.91% in that span covering the US recession coinciding Iraq War of 2003 and 2004 to the US & Global Credit Crisis of 2008. Some experts including analysts at Goldman Sachs who coined the term BRIC in reference to the growing economies of Brazil, Russia, India, and China for marketing purposes believe that Mexico is going to be the 5th or 6th biggest economy in the world by the year 2050, behind China, United States, India, Brazil, and possibly Russia. Mexico's monetary policy was revised following the 1994–95 financial crisis, when"
"of the global order: tensions between China and Brazil on trade, India on security, and Russia on status highlight the difficulty Beijing will have in staking its claim to global leadership."" The media suggested the bank was way to bypass the IMF and the World Bank. Despite high hopes for the 2013 summit, BRICS was not as involved as they had planned to be. 5th BRICS summit The 2013 BRICS summit was the fifth annual BRICS summit, an international relations conference attended by the head of states or heads of government of the five member states Brazil, Russia, India, China"
"record new level in the first quarter of 2011 of $121 billion. The four largest emerging and developing economies by either nominal or PPP-adjusted GDP are the BRIC countries (Brazil, Russia, India and China). In the 1970s, ""less developed countries"" (LDCs) was the common term for markets that were less ""developed"" (by objective or subjective measures) than the developed countries such as the United States, Japan, and those in Western Europe. These markets were supposed to provide greater potential for profit but also more risk from various factors like patent infringement. This term was replaced by ""emerging market"". The term"
"Knights, a group of wealthy Manchester United fans believed to include O'Neill, confirmed interest in a possible takeover of the club. Jim O'Neill, Baron O'Neill of Gatley Terence James O'Neill, Baron O'Neill of Gatley (born 17 March 1957), former chairman of Goldman Sachs Asset Management and former Conservative government minister, is a British economist best known for coining BRIC, the acronym that stands for Brazil, Russia, India, and China—the four rapidly developing countries that have come to symbolise the shift in global economic power away from the developed G7 economies. As of January 2014, he is an Honorary Professor of"
"deft political move that further enhances BRICS' power and status. In the original essay that coined the term, Goldman Sachs did not argue that the BRICs would organize themselves into an economic bloc, or a formal trading association which this move signifies. The BRIC term is also used by companies who refer to the four named countries as key to their emerging markets strategies. By comparison, the reduced acronym IC would not be attractive, although the term ""Chindia"" is often used. The BRIC's study specifically focuses on large countries, not necessarily the wealthiest or the most productive and was never"
"the BRICS group of now-five emerging-market nations at the summit held in Sanya, Hainan, China. Economy of South Africa The economy of South Africa is the second largest in Africa, after Nigeria. It is one of most industrialized countries in Africa. South Africa is an upper-middle-income economy by the World Bank – one of only four such countries in Africa (alongside Botswana, Gabon and Mauritius). Since 1996, at the end of over twelve years of international sanctions, South Africa's Gross Domestic Product almost tripled to peak at $400 billion in 2011, but has since declined to roughly $295 billion in"
"to include all of Eastern Europe as well, then the BRIC story becomes more compelling. At issue are the multiple serious problems which confront Russia (potentially unstable government, environmental degradation, critical lack of modern infrastructure, etc.), and the comparatively much lower growth rate seen in Brazil. However, Brazil's lower growth rate obscures the fact that the country is wealthier than China or India on a per-capita basis, has a more developed and global integrated financial system and has an economy potentially more diverse than the other BRICs due to its raw material and manufacturing potential. Many other Eastern European countries,"
"their political systems to embrace global capitalism. Goldman Sachs predicts that China and India, respectively, will become the dominant global suppliers of manufactured goods and services, while Brazil and Russia will become similarly dominant as suppliers of raw materials. Of the four countries, Brazil remains the only polity that has the capacity to continue all elements, meaning manufacturing, services and resource supplying simultaneously. Cooperation is thus hypothesized to be a logical next step among the BRICs because Brazil and Russia together form the logical commodity suppliers. In 2016, an economist from Australia predicted that in 2050, based on Gross Domestic"
"of Leishmaniasis, a disease prevalent in both India and Sri Lanka that is transmitted to humans through the bite of infected sandflies. The BRICS (Brazil, Russian Federation, India, China and South Africa) tend to engage in bilateral collaboration on scientific projects. There is ‘dynamic bilateral collaboration’ between China and the Russian Federation, for instance. This cooperation stems from the Treaty on Good Neighbourliness, Friendship and Co-operation signed by the two countries in 2001, which has given rise to regular four-year plans for its implementation. Dozens of joint large-scale projects are being carried out. They concern the construction of the first"
"BRICS countries with alternatives to the World Bank and International Monetary Fund in times of economic hardship, protect their national economies and strengthen their global position. The Russian Federation is contributing US$18 billion to the CRA, which will be credited by the five partners with a total of over US$100 billion. The CRA is now operational. In 2015 and 2016, work was under way to develop financing mechanisms for innovative projects with the new bank’s resources. The second new bank is the Asian Infrastructure Investment Bank. It has also been set up to finance infrastructure projects. Spearheaded by China, the"
"Product per capita spending, China will be the first and followed by India and the United States. Indonesia which nowadays does not belong to BRIC countries will jump from 9th position to 4th position. And Brazil will be in fifth position. It is due to the global economic center is shifting from the Atlantic to the Asia Pacific region. The Goldman Sachs global economics team released a follow-up report to its initial BRIC study in 2004. The report states that in BRIC nations, the number of people with an annual income over a threshold of $3,000 will double in number"
"MINT (economics) MINT is an acronym referring to the economies of Mexico, Indonesia, Nigeria, and Turkey. The term was originally coined by Fidelity Investments, a Boston-based asset management firm, and was popularized by Jim O'Neill of Goldman Sachs, who had created the term BRIC. The term is primarily used in the economic and financial spheres as well as in academia. Its usage has grown specially in the investment sector, where it is used to refer to the bonds issued by these governments. These four countries are also part of the ""Next Eleven"". In a column for Bloomberg View a few"
"It added that China's economy is larger than that of the three other BRIC economies (Brazil, Russia and India) combined. Moreover, China's exports and its official foreign-exchange reserves are more than twice as large as those of the other BRICs combined. In that perspective, some pension investment experts have argued that ""China alone accounts for more than 70% of the combined GDP growth generated by the BRIC countries [from 1999 to 2010]: if there is a BRIC miracle it's first and foremost a Chinese one"". The ""growth gap"" between China and other large emerging economies such as Brazil, Russia and"
"a loss of rank from the top of the chart to the 16th position. This shows that CRIS is distinct from a percentile score which is also a relative measure of status. In 2007 the 1st rank was shared between 20 economies but by 2011 this cohort had shrunk to 15. The improvement in CRIS scores of nations such as India, China and Indonesia are partly due to the dramatic falls of scores of some European nations leading to a deterioration of the world average by over 4.8%. All the BRICS had improvements in rank as well as index value."
"countries intended to complete the arrangements for the bank prior to the 2014 summit. The summit was initially scheduled for March 2014, but was shifted to a later date at China's request; it was ultimately held on 14–16 July 2014. The heads of state and heads of government that participated in the summit were: The 6th BRICS summit was Narendra Modi's first major international summit as Prime Minister of India. In addition to the five BRICS leaders, Cristina Fernández de Kirchner, President of Argentina, was invited to join the proceedings. At the summit, the BRIC nations agreed to create the"