BRIC: Leaders of rising markets

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"BRIC" is an acronym for Brazil, Russia, India and China, the world's four major developing countries. Jim O'Neill, global head of economic research at Goldman Sachs, first started the idea of BRIC in 2001.

O'Neill predicted the world economic structure would be reshuffled by 2050, and BRIC would surpass most western, developed nations like Britain, France, Italy and Germany and stand with the United States and Japan to be the world's six major economies. The BRIC nations cover a quarter of the earth's surface area, and their population comprises 42 percent of the world's total.

The International Monetary Fund says the four nations' average growth rate from 2006 to 2008 was 10.7 percent. Their international influence is increasing significantly along with their fast economic growth.