Brazil, Russia, India and China (BRIC) have gained clout over the past decade as their economies grew faster than those of developed countries. BRIC leaders have held two summit meetings, one each in 2009 and 2010, to discuss the global financial crisis and reforms to the world?s financial and trade institutions.

THEN & NOW

* The term BRIC was coined by US investment bank Goldman Sachs to describe the four key emerging economic powers, which the bank predicted would account for an increasingly greater share of the global economy

* Together they accounted for about 22% of the world economy in 2008, up from 16% a decade earlier, based on the widely followed measure of purchasing power parity

* Real economic growth from 1999 through 2008 averaged 9.75% in China, 7% in both India and Russia, and 3.3% in Brazil

* The global financial crisis led to a sharp contraction of the Russian economy in 2009 and a small contraction in Brazil, while India and China remained on a robust growth path. The four economies are expected to power ahead in the coming years

* Some economists believe the BRICs are now at risk of overheating and asset bubbles due to heavy fund flows into high-yielding emerging markets.

* The group of nations want to reduce the world?s reliance on a weak US dollar as a global reserve currency; among the options are a basket of currencies or a system of drawing rates. Brazil is pursuing trade in local currency with China, but analysts caution that Beijing is wary of rocking the boat because of its huge holdings of dollar-denominated assets

* The BRICs want more representation in the World Bank and the International Monetary Fund. Discussions to change voting power in the IMF are about to get under way in a review that has been brought forward by two years to reassure the BRICs that their concerns are being addressed

* India and Brazil, along with Japan and Germany, are seeking a seat on the UN Security Council but a lack of consensus among current council members has long stalled reforms. The United States wants Japan in the council, but China objects

* Brazil hopes to forge a common BRIC position on global climate talks but their carbon footprints and resulting negotiating positions differ sharply. Russia, the third-largest greenhouse gas emitter after China and the US, ratified the Kyoto protocol in 2004

Progress Report

* Brazil could become a major player in the world energy market after finding huge deep-sea oil reserves. It is the only BRIC country without nuclear weapons but it has the capacity to enrich uranium. Its economy slipped into recession in early 2009 but has rebounded and grew at a brisk 9% pace in the first quarter of this year

* Russia, the world?s largest oil and gas producer, fell into its worst recession last year but the economy is expected to grow by around 4% in 2010 helped mainly by a recovery in oil prices

* India?s economy is expected to grow at least 8% this year, boosted by consumer and government spending, but it faces inflation, driven by high food prices, that exceeded 10% in May.

* China held $900 billion in US treasuries at the end of April. Bankers say the country?s total holdings of dollar-denominated assets are much greater, accounting for about two-thirds of its official currency reserves

?Sources: IMF, OECD, CIA The World Factbook 2009; central banks, governments, Reuters