BRIC: 4 emerging enonomies

The latest BRIC summit is the second time leaders from the four countries have met to discuss major issues since June last year. The influence of BRIC nations has aroused global attention.

The term was coined by Goldman Sachs economist, Jim O'Neill, in 2001 to describe the growing influence of big emerging economies. The grouping represents 40 percent of the world's population and around 20 percent of global economic output. The economist has said that by 2050, the four will be among the world's six major economies. The quartet have all made economic reforms and achieved better-than-average economic growth in recent years.