BRIC will overtake the G7 in two decades

The rapid growth could turn the BRIC countries in economic and political powers.
The consisting of Brazil, Russia, India and China bloc, known by its acronym BRIC, will exceed two decades the richest economies in the world, says the British analyst who invented the concept of the new block in 2001.
according to the revised projections economist Jim O'Neill, director of area economic research at Goldman Sachs, China's economy will overtake the United States in the year 2027, putting the BRIC above the G7.
"it will come to that 10 years earlier than was thought when we started to discuss the issue , " O'Neill wrote in a recent commentary on the website of the investment bank.
the change projections British economist could happen even sooner, mainly due to growth in China, which has been much higher than expected by O'Neill when he drew the first stages over the past two years. This group aims to transfer power and money from the old developed into new countries emerging nations Riordan Roett, director of the Americas program at the University of Hopkins in the new projection, China and India will grow at an average of 5.2% and 6.3 %, respectively, between 2011 and 2050. in 2027, the year of the turn of course, China's economy would be placed at the top of the world 's economies, above the United States. "Only Brazil will need to grow more strongly "he said, referring to the projection of an average growth of 4.3% between 2011 and 2050. the outlook for Russia is more modest. 2.8% in the same period onstage is expected that the G7, by other hand, will have an average growth of only 1.6% between 2011 and 2050. the level of life Yet the trillions of extra dollars in the economies of emerging countries will not mean that these countries reach life patterns considered First World. O'Neill was the one who created the concept of the new block "BRIC" in 2001. Although together, the combined volume of GDP, have the potential to outperform the G7, the only country that could come close to levels of wealth in developed countries is Russia, said the analyst. the projections outlined by O'Neill in his 2001 study continue to receive criticism from several sides. Many question the artificial character of a concept that brings together such diverse countries in the political and social field and even in the same economic model.Others question the de facto exclusion of other emerging nations such as South Africa, Mexico and Turkey.Some point out that the BRIC countries only are benefiting from the real phenomenon of this century. China's emergence as an economic power China 's economy has the same size of the other three BRIC countries, and the gap tends to increase. New power the fact is that the concept gained strength and the BRIC is to become a dome of heads of state with the possibility of transforming the world power structure. Manmohan Singh, Dmitry Medvedev, Hu Jintao and Luiz Inacio Lula da Silva, during the meeting of G8 em Japan, in 2008 (Courtesy / Presidency gives Russia) ¿future global powers? That's the opinion of Riordan Roett, director of the Americas program University of Hopkins in Washington, who spoke to the BBC. "what we're seeing is the rise of a group of actors who, together, will have a leading role at various times, as they did in London, the meeting G20 , "said Roett. " This group points to a transfer of power and money from the old developed to the emerging nations countries. " According Roett, old intenacionales agreements established by the great powers, such as the Bretton Woods, which gave rise to the IMF and the World Bank in 1944, "they are dead".