In 2003, analysts at Goldman Sachs coined the ‘Brics’ acronym. The acronym was created to associate the major emerging market economies at the time – Brazil, Russia, India, China and South Africa. The main idea behind the acronym was that these countries were set to become the major suppliers of manufactured goods and services in the world by 2050, and also become large consumer economies in their own right. The acronym was timely, because it captured a large swathe of the emerging markets’ major economies, which illustrated not just increased export performance, but also huge population growth and potentially enormous…

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