Brics ( Brazil, Russia, India, China, And South Africa

Introduction The BRICS (Brazil, Russia, India, China, and South Africa) nations are emerging as global powers in international business. The term BRICS was first coined by Wilson Purushothaman (2003) in a paper published by Goldman Sachs. This paper was the first to forecast the economic potential of the BRICS nations. Today these BRICS nations are referred as emerging economies or emerging markets despite most of these nations already ranking in the world’s top 10 economies. Economic forecasting projects that these BRICS economies will forever change the competitive landscape of the global market place, and they show considerable promise in becoming dominant players in years to come (Jain, 2006). The BRIC was established on June 16, 2009 and the South Africa was subsequently added by China on December 24, 2011 finalizing the BRICS. This paper will discuss each of the BRICS economies in detail, identifying the reasons why the BRICS countries are growing in importance on the international stage, while recounting the internal and external forces that spearhead organizational success as it relates to these countries. This paper will conclude with an overview of other factors contributing to BRICS growth and will address the Saint Leo University core value of responsible stewardship. Economy overview: Brazil Brazil’s economy can be regarded as large and well-developed, bolstered by the strength of Brazil’s agricultural, mining, manufacturing, and service sectors, as well as anShow MoreRelatedBrics Apec, India, And India873 Words   |  4 PagesBRICS Overview The term â€Å"BRIC† was firstly coined by Goldman Sachs, who highlighted the four countries- Brazil, Russia, India and China- were developing rapidly and by 2050 their combined GDP could eclipse the combined economies of the current richest countries of the world. 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