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Due to slowing GDP growth in the West, especially in the US, and constant and rapid GDP growth in the BRIC nations, their portion of the global economy will be much larger than estimated during the next few years.
BRIC stands for Brazil, Russia, India and China.
According to Reuters, "Jim O’Neill, the Goldman Sachs economist who originated the term in 2003, said the financial crisis that began in U.S. mortgage security markets was allowing the BRIC countries to take a bigger share of world gross domestic product".
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