In 2001, weighty economic issues were dealt with by the G7: Canada, the UK, the USA, Italy, France, Japan and Germany (Belgium's finance minister was also invited).

That year, economist Jim O'Neill came up with the term Brics, standing for Brazil, Russia, India and China and said they should have a bigger say.

GDP growth in Brics and G7, 1990 - 2010 CLICKABLE GDP growth - annual % G7

UK

US

Japan

Canada

Germany

Italy

France

BRICs

Brazil

Russia

India

China

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Source: World Bank - GDP at market prices in constant local currencies He said that the Bric economies were growing much faster than those of the G7, so the Bric countries should get a seat at the economic top table.

Ten years on, the Bric countries are well established among the biggest economies. China, in particular, has stormed up the rankings and may soon challenge for top spot.

The Brics are still well behind in some areas though. Accounting for over 40% of world population, they are way behind in economic output per person.

The Bric countries also have great economic inequality. Average life expectancy is significantly lower than in the G7.