TOPPLING THE BRICS?
The term BRIC was first used to describe Brazil, Russia, India and China by Jim O’Neill, retiring chairman of Goldman Sachs in his 2001 paper Building Better Global Economic BRICs. BRIC countries have become a symbol of the shift in economic power from the developed G7 economies to the developing world. It is estimated that BRIC economies will overtake G7 by 2027.
Why not ‘BRICK’?
South Korea is one of the world’s most developed countries and including it with developing countries like the BRICs was not deemed correct, because by definition they should be emerging. Commentators such as William Pesek from Bloomberg argue that Korea is ‘another BRIC in the global wall’, with its BRIC-like growth rate, despite its human development index being higher than some of the world’s advanced economies (France and UK.)
South Korean workers are the wealthiest among major Asian countries, with a higher income than Japan and the strongest growth rate in the OECD. GDP measured by purchasing power parity is larger than Canada and Spain, and is set to overtake Italy by 2016.