Goldman Sachs’ BRIC has gain popularity and now considered a mainstream category for the biggest four emerging economies by analyst and even global organization like OECD or the World Bank.
Recently, as the global economy is expanded and more emerging economies become part of the global decision makers, G20 for instance, more countries are projected to become new power beyond G8, or BRIC. Such countries include Turkey, Indonesia, South Africa, Saudi Arabia.
Among the reason for this occurrence is no brainer: as the developed world or the G7/G8 suffers from mediocre growth and some falls into recession, the emerging economies catching up fast and with their sizable population able to accumulate large capital and sustain prolong robust economic growth.
Abundant resources are another factor that lead countries like Indonesia and Saudi Arabia to this new height; Indonesia is blessed with hot commodities like coal while Saudi Arabia is the world’s largest producer of fossil fuel. Both commodities are in their prime demand now.
If this development to continue, we may soon look beyond Brazil, Russia, India and China or BRIC. We may perhaps found ourselves embracing new acronyms such as KITS, anyone?! KITS may stand for Korea, Indonesia, Turkey and Saudi Arabia.***
Originally published on luqyantamanni.wordpress.com, February 10, 2011: view original.
