The BRIC countries are made up of Brazil, Russia, India and China – although if we were to categorize them by importance, it would actually be CIRB. It just doesn’t sound as sexy, does it?
And lets face it, sexiness sells, and that is why the masters of the universe at Goldman Sachs make the big bucks – for it was Goldmans who came up with the BRIC grouping, and it has stuck.
In the year 1966, when the ADB was started there were 31 member countries. Presently there are 66 member countries in Asia and Pacific region and out side the region.
The list follows the list of member countries of ADB and their respective year of joining.
The G-8, or Group of Eight, is a group of heads of state from eight industrialized democracies in the northern hemisphere.
The G-8 used to be known as the G-6, or Group of 6. In 1976, Canada joined, making the group the G-7. Then, in 1997, Russia joined forming the G-8.
The European Union is also represented in the G-8 but is not accorded the same status as each of the countries that form the eight. Some have called in the G-9, in recognition of the EU, who has participated on an even level as all the other nations since its inclusion.
The G-7, or Group of Seven, is a group of Finance Ministers that analyzes, discusses, evaluates and acts on the most critical issues of the global economy. These seven leaders represent the most developed and industrialized economies in the world.
The G-7 meets multiple times each year to review economic conditions and policies.
G-7 is not the same as G-8, which holds yearly meetings between government heads, instead of finance ministers.
The World Bank (WB) is a multinational corporation aiming at the alleviation of poverty. It facilitates various economies of the world in following sustainable economic growth. The World Bank was formed in 1944 as a part of the Bretton Woods system for reconstructing countries devastated during WW-II.
The World Bank comprises of the following two institutions:
