The Rise of the BRICs - March 2013
This report constitutes an overview of tourism in the four emerging BRIC countries – Brazil, Russia, India and China. The term ‘BRICs’ was coined in 2001 by Jim O’Neill, who was at the time the chief economist of Goldman Sachs, the investment banking firm. Although the four countries are quite disparate, together they represent a large portion (over 40%) of the world’s population and will account for an increasing share of worldwide output in the future. In 2001, O’Neill predicted that by 2041 (later revised to 2039 and then 2032), the BRICs would overtake the six largest developed economies in terms of gross domestic product (GDP).
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