Word: bric
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...important. In mid-June, it hosted two summits in the Ural city of Yekaterinburg: one with members of the Shanghai Cooperation Organization (which includes China and four Central Asian republics, as well as observer states India, Iran, Mongolia and Pakistan) and the other with leaders of the so-called BRIC nations - Brazil, Russia, India and China. Medvedev was the first foreign leader to receive Iran's President, Mahmoud Ahmadinejad, after his controversial re-election. (See pictures of the aftermath of Iran's election...
...world's 15 biggest economies are expected to grow in 2009: China's and India's. Brazil's government still thinks it can eke out positive growth for the year too, although outside forecasters don't quite buy it. Let's call these three countries the BICs. BRIC - for Brazil, Russia, India, China - is the better-known acronym, coined in 2001 by Goldman Sachs chief economist Jim O'Neill as shorthand for the globe's emerging economic giants. In mid-June, leaders of the four BRICs even held their first summit meeting. But Russia, a resource-rich land with...
Before the financial panic of last fall, many business and government leaders in the BRIC countries spoke confidently of "decoupling" from their economic reliance on the U.S. Such talk faded as a subsequent collapse in global trade left no nation untouched. Yet with their big populations and growing middle classes, the BICs now seem to have suffered only a glancing blow. The word redecoupling is beginning to appear in the media. Nandan Nilekani, who is about to leave the chairmanship of Indian tech company Infosys for a government post, speaks of "tactical coupling" and "strategic decoupling." That is, nobody could...
...Europe flounder, it would spell an end to America's long reign as the driving force in the global economy. Goldman's O'Neill has said it's "conceivable" that China's economy will be bigger than that of the U.S. in less than 20 years and that the BRIC countries as a group will carry as much economic weight as the G-7 group of Western powers plus Japan. This sounds like bad news for the U.S. - and it will certainly bring all sorts of new complications to the global political scene. From a purely economic standpoint, though...
...elicited the second highest level of optimism since August 2006. Buoying hopes is S.B.Y.'s choice for Vice President, principled former Central Bank governor Boediono. Investment bank Morgan Stanley is so impressed that it wondered in a June report whether the country should be added to the so-called BRIC club of economic up-and-comers composed of Brazil, Russia, India and China...