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Over the next 50 years, Brazil, Russia, India and China – the BRIC economies – could become a much larger force in the world economy. We map out GDP growth, income per capita and currency movements in the BRIC economies until 2050. The results are startling. If things go right, in less than 40 years, the BRIC economies together could be larger than the G6 in US dollar terms. By 2025 they could account for over half the size of the G6. Of the current G6, only the US and Japan may be among the six largest economies in US dollar terms in 2050. (Wilson and Purushothaman, 2003: 1)

Forging ahead with innovation: the importance of institutions and factor markets to the continued development of the BRICS