BRIMC
The term derived from the Goldman Sachs investment bank thesis called BRIC. Jim O'Neill expert from the same bank and creator of the economic thesis, stated that in 2001 when the paper was created, it did not considered Mexico, but today it has be included due to the fact that the country is experiencing the same factors that the other countries first included present.[1] The main point of this paper was to argue that the economies of the BRIMCs are rapidly developing and by the year 2050 will eclipse most of the current richest countries of the world. Finally, due to the popularity of the Goldman Sachs thesis, "BRIMC" is becoming a more generic marketing term to refer to these five countries, or even to newly industrialized countries in general.
The term is primarly used in the economic and financial spheres aswell in the academia. Its usage has grown specially in the investment sector, where it is used to refer to the bonds emitted by these emerging markets governments.[2]
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The BRIMC thesis
It is primarily the same of the BRIC. Goldman Sachs argues that the economic potential of Brazil, Russia, India, Mexico and China is such that they may become among the five most dominant economies by the year 2050. The thesis was proposed by Jim O'Neill, global economist at Goldman Sachs. These countries are forecast to encompass over forty percent of the world's population and hold a combined GDP [PPP] of 14.951 trillion dollars. On almost every scale, they would be the largest entity on the global stage. However, it is important to note that it is not the intent of Goldman Sachs to argue that these four countries are a political alliance (such as the European Union) or any formal trading association, like ASEAN. Nevertheless, they have taken steps to increase their political cooperation, mainly as a way of influencing the United States position on major trade accords, or, through the implicit threat of political cooperation, as a way of extracting political concessions from the United States, such as the proposed nuclear cooperation with India.
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Categories
International relations | Treaties