Addis Wants to Join Emerging Market Bloc

Ethiopia, one of Africa’s fastest-growing economies, has asked to join the BRICS bloc of emerging markets. The horn of Africa nation has the second-largest population in Africa, but its economy ranks only 59th in the world according to the International Monetary Fund and is less than half the size of the smallest BRICS member South Africa. Last year Argentina, the world’s 23rd-largest economy, said it had received China’s formal support to join the group, which is seen as a powerful emerging-market alternative to the West. The term BRIC was coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the rise of Brazil, Russia, India and China. The BRIC powers had their first summit in 2009 in Russia. South Africa joined in 2010.

CNN