The leaders of the BRICS emerging market countries are meeting in Brazil this week for their sixth summit. The meeting has already led to the establishment of a development bank that the bloc—Brazil, Russia, India, China, and South Africa—thinks could rival the World Bank.
This reflects the serious clout of the BRICS, which together account for one-fifth of the world’s GDP and over two-fifths of its population.
But even Jim O’Neill, former chair of asset management at Goldman Sachs and creator of the original BRIC grouping, has begun to find the acronym inadequate for describing countries with high growth opportunities. O’Neill has suggested investors look to other groups, like the MINT countries. And we mustn’t forget about the CIVETS, or the MAVINS, or the more generic EAGLEs.
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