The US and EU countries are now old news because the news these days are the BRIC countries and their skyrocketing economies. BRIC stands for the countries of Brazil, Russia, India and China. The acronym was first used by Jim O’Neill and has since then been widely utilized to pertain in the changes in the worldwide economic landscape particularly with the emergence of these countries as global economic giants. The BRIC nations have become net buyers of gold which is driving up the price in your precious metals IRA.

Brazil

The Brazilian economy ranks as the seventh largest in the world in terms of nominal gross domestic product (GDP) and eight in the world in terms of purchasing power parity. Brazil is the most progressive country in South America. The country’s economy continues to expand with a yearly GDP growth of more than 5 percent. Brazil is seen to rank at least fifth in the largest economies in the global scale in the next decade.

The country’s economy has benefited from its macroeconomic stability as well as reduction of debt, building of foreign reserves by Buying Bars of Gold , and commitment to fiscal responsibilities. Although Brazil was badly hit by the global financial crisis of 2008, the economy is in great shape now with a 1.3% increase in GDP in the first three months of 2011.  Brazil’s economy is boosted by mining, agriculture and manufacturing.

Russia

Russia’s GDP grew by 3.4% from April to June 2011. Although this percentage is short than what experts had estimated, this does not take away the fact that the Russian economy is one of the most promising in the world market. In 1999, the Russian GDP had its biggest jump of 12%. From 1995 to 2010, the country has posted a steady annul GDP growth rate of 3.3%.

India

The GDP of India increased by 7.8% in the first quarter of 2011 compared to the same period in 2011. The GDP of India has been on an upswing since 2000 with its quarterly GDP growing by as much as 7.45%. India is the largest importer of gold as of late, and is contributing to the rise of your gold ira . In 2003, the country posted a record GDP quarterly growth of 11.8%. The Indian economy is posting an annual growth rate of 7% since 1997, with poverty incidence being cut down by about 10%. The services sector has about half of the Indian economy.

China

Already considered the second largest economy in the world, the Chinese economy is growing so fast it is seen to bump off the United States in a decade or so. In 2009, the Chinese GDP grew by 9.3% reaching a total of about $159 billion. The trend continued in 2010 with the Chinese economy posting a 11.9% increase in the first quarter.  In 2011, the red-hot economy slowed down by a couple of points to 9.5% down from the previous year’s mark of 9.7%.  The economy is largely dependent on the manufacturing and electronics sector, with the service sector slowly being developed.