The 'BRIC Group' of developing economies became the 'BRICS Group' in 2010 by the addition of which country?
"3G (countries) 3G countries or Global Growth Generating countries are 11 countries which have been identified as sources of growth potential and of profitable investment opportunities. Prepared in February 2011, a Citigroup report prepared by analysts Willem Buiter (Chief Economist) and Ebrahim Rahbari claimed that BRICS (BRIC plus South Africa) countries have ""outlived their usefulness"". ""We hold the view that categories emerging markets, advanced economies, developing countries, BRICS, Next Eleven or the Growth Markets are all labels belonging to classification schemes that either have outlived their usefulness or are unlikely to ever have any,"" the two analysts said. So, long"
"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."
"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"
"by ensuring more cooperation among the governmental institutions in order to simplify many regulations and streamlining the process. The private sector was also of the view that number of flights between India, Brazil and South Africa need to be increased, which eliminate the barrier of distances and lack of information no problem.. The following agreements have been signed so far: South Africa sought to join BRIC starting August 2010 and in December 2010 was officially invited to join. South Africa attended the April 2011 summit, and the group is now known as BRICS, with ""S"" standing for South Africa. Brazil,Russia,India,China,South"
"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"
"countries such as BRIC that stands for Brazil, Russia, India, and China, along with ""BRICET"" (BRIC + Eastern Europe and Turkey), ""BRICS"" (BRIC + South Africa), ""BRICM"" (BRIC + Mexico), MINT (Mexico, Indonesia, Nigeria and Turkey), Next Eleven (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, South Korea, Turkey, and Vietnam) and CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa). These countries do not share any common agenda, but some experts believe that they are enjoying an increasing role in the world economy and on political platforms. Lists of emerging (or developed) markets vary; guides may be found"
"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"
"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"
"(February 2009); Costa Rica, Mauritius, Morocco and Peru (March 2009); the Dominican Republic (November 2009); Senegal (February 2011); Argentina and Cabo Verde (March 2011); Panama (July 2013); Côte d'Ivoire, Kazakhstan and Tunisia (January 2015); the People’s Republic of China (July 2015); Ghana and Uruguay (October 2015); and Paraguay (March 2017). The European Union also takes part in the work of the Governing Board. ""Participating OECD members:"" Belgium, Chile, Czech Republic, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Israel, Italy, Korea, Luxembourg, Mexico, Netherlands, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom."" ""Participating non-OECD members:"""
"of India, Brazil and South Africa for permanent membership of the UNSC. Coincidentally, the five countries are all now members of the Security Council, China and Russia as permanent members and the other three non-permanent. The groups announced their decision to cease mutual trade payments in U.S. dollars and instead henceforth give credits to one another in their national currencies alone. The development banks of each state signed an agreement to further gradually alter loan currencies from U.S. dollars. This was intended to strengthen financial cooperation between the BRICS countries, as well as to expand the international significance of their"
"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"
"Bachelet promulgated a free trade agreement with the People's Republic of China (signed under the previous administration of Ricardo Lagos), the first Chinese free-trade agreement with a Latin American nation; similar deals with Japan and India were promulgated in August 2007. In 2010, Chile was the first nation in South America to win membership in the Organization of Economic Cooperation and Development, an organization restricted to the world's richest countries. Some economists (such as Nobel laureate Amartya Sen) have argued that the experience of Chile in this period indicates a ""failure"" of the economic liberalism posited by thinkers such as"
"Estonia, Israel, Russia and Slovenia and to strengthen co-operation with Brazil, China, India, Indonesia and South Africa through a process of enhanced engagement. Chile, Slovenia, Israel and Estonia all became members in 2010. In March 2014, the OECD halted membership talks with Russia in response to its role in the 2014 Crimean crisis. In 2013, the OECD decided to open membership talks with Colombia and Latvia. In 2015, it opened talks with Costa Rica and Lithuania. Latvia became a full member on 1 July 2016 and Lithuania on 5 July 2018. Colombia signed the accession agreement on 30 May 2018"
"Council. China was also a former member and leader of the Non-Aligned Movement, and still considers itself an advocate for developing countries. Along with Brazil, Russia, India and South Africa, China is a member of the BRICS group of emerging major economies and hosted the group's third official summit at Sanya, Hainan in April 2011. Under its interpretation of the One-China policy, Beijing has made it a precondition to establishing diplomatic relations that the other country acknowledges its claim to Taiwan and severs official ties with the government of the Republic of China. Chinese officials have protested on numerous occasions"
"focus all their resources on generating growth and stability. The group was created on 20 September 2006. The group comprises mostly lower-middle-income countries. The members consist of Jordan, Croatia, Ecuador, Georgia, El Salvador, Honduras, Indonesia, Morocco, Pakistan, Paraguay, and Sri Lanka. The request is made to the G8. G11 developing countries at their Summit at the Jordanian Dead Sea resort have agreed to push for cooperation with G8 industrialized nations to ease their debts and build prosperous economies. These countries and in fact most of the developing countries require fiscal and monetary space to maintain momentum on progress to lay"
"political affairs, including the strengthening of exchanges between their respective ruling parties and legislatures. In April 2011, South Africa formally joined the Brazil-Russia-India-China (BRICS) grouping of countries, identified by Zuma as the country's largest trading partners, and also the largest trading partners with Africa as a whole. Zuma asserted that BRICS member countries would also work with each other through the UN, the Group of Twenty (G20) and the India, Brazil South Africa (IBSA) forum. The South African National Defence Force (SANDF) was created in 1994, as an all-volunteer military composed of the former South African Defence Force, the forces"
"provide education). Almost all invited countries declared to give this initiative of the new American government a serious chance. The conference was followed by a conference in London on January 28, 2010. Afghanistan, Albania, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Belarus, Belgium, Bosnia and Herzegovina, Brazil, Brunei, Bulgaria, Canada, Chile, China, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Georgia, Greece, Hungary Iceland, India, Indonesia, Ireland, Iran, Italy, Japan, Jordan, Kazakhstan, Kirghizia, Kuwait, Latvia, Libya, Lithuania, Luxembourg, Macedonia, Malaysia, Malta, Netherlands, New Zealand, Norway, Oman, Pakistan, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Singapore, Slovakia, Slovenia, South Korea,"
"because they looked to them as already more developed. However, due to the popularity of the Goldman Sachs thesis, ""BRIMC"" and ""BRICK"" are becoming more generic marketing terms to refer to these six countries. In their paper ""BRICs and Beyond"", Goldman Sachs stated that ""Mexico, the four BRIC countries and South Korea should not be really thought of as emerging markets in the classical sense"", adding that they are a ""critical part of the modern globalised economy"" and ""just as central to its functioning as the current G7"". The term is primarily used in the economic and financial spheres as"
"by the table below. A few countries appear in every list (BRICS, Mexico, Turkey). Indonesia and Turkey are categorized with Mexico and Nigeria as part of the MINT economies. While there are no commonly agreed upon parameters on which the countries can be classified as ""Emerging Economies"", several firms have developed detailed methodologies to identify the top performing emerging economies every year In November 2010, BBVA Research introduced a new economic concept, to identify key emerging markets. This classification is divided into two sets of developing economies. As of March 2014, the groupings are as follows: EAGLEs (emerging and growth-leading"
"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"
"The World Factbook list of developed countries In an appendix to the ""CIA The World Factbook"", there is an entry identifying developed countries (DCs). This list of DCs is identical to the list in ""The World Factbook"" published as early as 1991. The CIA notes that the DCs form The CIA argues that this list However, ten new countries have joined the OECD since this list was created in the early 1990s: India (1994), the Czech Republic (1997), South Korea (1996), Hungary (1996), Poland (1996), Slovakia (2000), Chile (2010), Slovenia (2010), Israel (2010) and Estonia (2010). The CIA argues that"
"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"
"BRICS from the region. It is the fastest growing major economy in the world and one of the world's fastest registering a growth of 7.3% in FY 2014–15. Pakistan has the next largest economy($304.3 billion) and the 5th highest GDP per capita in the region, followed by Bangladesh and then by Sri Lanka which has the 2nd highest per capita and is the 4th largest economy in the region. According to a World Bank report in 2015, driven by a strong expansion in India, coupled with favorable oil prices, from the last quarter of 2014 South Asia become the fastest-growing"
"from about SDR 6bn. It has been activated ten times, the last time in 1998. The GAB and the associated credit arrangement with Saudi Arabia have been renewed, without modifications, for a period of five years from December 26, 2013. The BIS hosts a publications e-library page for the G10. The following international organizations are official observers of the activities of the G10: the Bank for International Settlements (BIS), European Commission, International Monetary Fund, and Organisation for Economic Co-operation and Development. Luxembourg is an associate member. Group of Ten (economics) The Group of Ten (G-10 or G10) refers to the"
"joined on 1 July 2013 (Croatia). According to the World Bank 2008 analysis, the transition to advanced market economies is over for all 10 countries that joined the EU in 2004 and 2007. The CEE countries include the former socialist states, which extend west of Russia, Belarus, Ukraine, Moldova; south of Finland and the Baltic Sea; north of Greece; and east of Austria, Italy, and Germany: According to the Organisation for Economic Co-operation and Development, ""Central and Eastern European Countries (CEECs) is an OECD term for the group of countries comprising Albania, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania,"
"arguments can be made for linking Mexico into the BRIC thesis, the case for including South Korea looks considerably weaker. The following three tables are lists of economies by incremental GDP from 2006 to 2050 by Goldman Sachs. They illustrate that the BRICs and N11 nations are replacing G7 nations as the main contributors to world's economic growth. From 2020 to 2050, nine of the ten largest countries by incremental GDP are occupied by the BRICs and N11 nations, in which the United States remains to be the only G7 member as one of the three biggest contributors to the"
"2010. Geoghegan compared these countries to the civet, a carnivorous mammal that eats and partially digests coffee cherries, passing a transformed coffee bean that fetches high prices. The economies that are part of this group are considered to be very promising because they have reasonably sophisticated financial systems, controlled inflation, and soaring young populations. Michael Geoghegan has called these countries ""the new BRICS"" because of their potential as second-generation emerging economies. In 2010 he said, ""emerging markets will grow three times as fast as developed countries this year"", adding that the center of gravity of the world was moving towards"
"Summit (EAS). In November 2009 South Korea joined the OECD Development Assistance Committee, marking the first time a former aid recipient country joined the group as a donor member. South Korea hosted the G-20 Summit in Seoul in November 2010, a year that saw South Korea and the European Union conclude a free trade agreement (FTA) to reduce trade barriers. South Korea went on to sign a Free Trade Agreements with Canada and Australia in 2014, and another with New Zealand in 2015. Both North and South Korea claim complete sovereignty over the entire peninsula and outlying islands. Despite mutual"
"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"
"Brazil, Bulgaria, Burkina Faso, Chad, Chile, Costa Rica, Côte d'Ivoire, Croatia, Czech Republic, Denmark, Ecuador, El Salvador, Fiji, Finland, France, Gambia, Georgia, Germany, Greece, Guatemala, Guinea, Guinea-Bissau, Haiti, Honduras, Hungary, Ireland, Israel, Italy, Kiribati, Latvia, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg, the Macedonia, Malawi, Mali, Mexico, Montenegro, Mozambique, Netherlands, Nicaragua, Niger, Nigeria, Norway, Panama, Paraguay, Peru, Philippines, Portugal, South Korea, Moldova, Romania, Rwanda, Senegal, Serbia, Sierra Leone, Slovakia, Slovenia, Spain, Saint Vincent and the Grenadines, Swaziland, Sweden, Switzerland, Turkey, Trinidad and Tobago, Tunisia, Turkmenistan, Uganda, Ukraine, United Kingdom, Uruguay, Zambia, and Zimbabwe. Haiti is the most recent to accede to"
"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"
"behind the BRIC and G7 economies. Both are experiencing rapid GDP growth of 5% every year, a figure comparable to Brazil from the original BRICs. Jim O'Neill, expert from the same bank and creator of the economic thesis, stated that in 2001 when the paper was created, it did not consider Mexico, but today it has been included because the country is experiencing the same factors that the other countries first included present. While South Korea was not originally included in the BRICs, recent solid economic growth led to Goldman Sachs proposing to add Mexico and South Korea to the"