Fundamentally, the BRICs phenomenon mirrors a general shift in the international
balance of power, with the centre of gravity moving from the North to the South.
The implications of the rise of the BRICs are certainly large for the world economy,
even if the reality might sensibly differ from the projections conducted by the
analysts at Goldman Sachs (O’Neill, 2007). Whether the forecasts will be met
depends on how the BRICs improve the growth-supportive policy settings, such as
macroeconomic stability, strong and stable political institutions, openness to trade
and foreign direct investment (FDI), and a higher level of education.