Published on Jan 29, 2013
Panorama view of Brazil in the international press.
In 2001, Jim O’Neill, the head of global economic research at Goldman Sachs, coined the acronym “BRICs” to refer to Brazil, Russia, India, and China, the emerging market economies (EMEs) he thought would lead world economic growth for the next fifty years. Since that time many academics, economist, and journalists have written about the idea of the BRICs, and the acronym has become common.
This FAQ seeks to explain briefly why Brazil is an emerging market economy (EME) and warrants being the first letter in BRIC. The FAQ will begin by highlighting and explaining some of the factors that make an economy an “emerging economy” as opposed to a developing, developed, or advanced economy. As EMEs are somewhere between developing and advanced economies, the FAQ will then explain why Brazil is not already an advanced economy before going on to explain what Brazil has done to emerge from the status of a “developing economy.” The FAQ will conclude with a section explaining some remaining issues that Brazil must address to reach the goal of becoming an advanced economy.