In 2001, Goldman Sachs economist Jim O’Neill famously coined the acronym “BRIC” to describe four of the world’s most populous countries—Brazil, Russia, India, and China—each of which boasted great economic potential. Since then, China has enjoyed breakneck GDP growth while making very little progress on economic or political reform, and Russia has devolved into a petro-autocracy dangerously reliant on global oil prices. As for Brazil and India, they have reaped consistent accolades for their commitment to democracy and economic stability.
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