The BRIC may once have been described as emerging markets but as Jim O'Neill says in this extact from his latest book,Economic Opportunity in the BRICs and Beyond' investors need to grasp the opportunities afforded by rapid growth in Brazil, Russia, India and China.
The BRIC thesis says that China and India will become the world's dominant suppliers of manufactured goods and services, respectively, while Brazil and Russia will become similarly dominant as suppliers of raw materials and with lower labour and production costs, many companies cite BRIC as a source of foreign expansion opportunity.
Indeed according to O'neill China could well overtake the US economy by 2027 and adds that all four have exceeded even his expectations in the way they have become global powerhouses in the last ten years.
"Since 2001, China's GDP has risen fourfold, from $1.5 trillion to $6 trillion [£949bn to £3.7trillion] Economically speaking, China has created three new Chinas in the past decade. And it's likely that the combined GDP of the four BRIC nations will exceed that of the US sometime before 2020."
This morning's the CBI report has urged the government to provide a £20bn boost to the economy over the next decade through a radical overhaul of Britain's export strategy focusing on providing the right products for the world's high-growth markets,primarily aiming to focus on these four economies.