The population trends are transforming the BRIC economies in more ways than one. In the light of these population changes, the BRIC nations should pay more attention to four main areas that might pose a challenge to their economic development.

In 2003, Jim O'Neil of Goldman Sachs investigated the economic growth of Brazil, Russia, India, and China, and came out with the concept of BRIC economies. In this study, he showed that these countries would exceed the GDP of the current more developed economies (G7) within 40 years. The study captured the attention of economists and policy makers worldwide. It comes as no surprise that the four countries could emerge as economic powerhouses, but the speed at which they reach important position in economic terms might be unexpected.

The contribution of BRIC to the global GDP has exceeded expectations and already crossed 15%, while that of the developed nations like the US and Japan is decreasing. Although they are not yet the most important and largest economies in the world, they already play an important role in many economic spheres around the globe, such as demanding changes in the subsidy policies of the developed countries and signing trade agreements amongst themselves. So far the response of BRIC economies to the ongoing global financial turmoil has been remarkable. However, they are still vulnerable to old problems like inflation, lack of proper infrastructure, and one which is less discussed, population changes.

Analyst Magazine, BRIC Economies, Economic Development, BRIC Economies, Economic Growth, Policy Makers, Economic Powerhouses, Global Financial Turmoil, Global GDP, Gross Domestic Product, GDP, Social Assistance Programs, Social Security System, Economic Development, Socioeconomic Inequality, Intergenerational Transfers, Economic Implications.