BRIC countries catch up and overtake G7


by Oleg Mityayev
Global Research, June 17, 2009
Russian Information Agency Novosti


MOSCOW. – The Russian city of Yekaterinburg on May 16 hosted the first official summit of BRIC, a group comprising four countries showing the highest rate of economic growth – Brazil, Russia, India and China.

Russian President Dmitry Medvedev said in the wake of the summit that the event was aimed at promoting a fairer world order.

The BRIC nations currently account for 15% of the global economy and 42% of global currency reserves. These are important reasons for BRIC to have ambitions to influence international economic and financial policies.

According to many estimates, emerging economies will the driving force of the expected global economic recovery – that is, they will bail out wealthier nations. Citigroup’s chief executive Vikram Pandit said at the St Petersburg International Economic Forum in early June that “China, India and Russia will become the engine of world growth for a while.â€