Last week the four leaders of the Bric countries (Brazil, Russia, India and China) formally met together in their first summit. I have been asked a number of questions about the event. First, did I really think this would ever happen? Second, would it have happened if I hadn’t created the acronym? Third, what real purpose did it serve, and fourth, where do I think the Bric path is heading?
I’ve also beeen asked a couple of supplementary questions: why these four countries and why not Indonesia, Turkey or indeed Iran? And do I think the global credit crisis has changed the picture from our prediction a number of years ago, that the combined GDP of the Bric economies could exceed that of the G7 countries before 2040?
I think I prefer China, Russia, India and Brazil, or CRIB.