B. Kheifets, Institute of Economics, Russian Academy of Sciences, 32, Nakhimovskii Prosp., Moscow, 117218, Russian Federation (firstname.lastname@example.org)
The article analyzes the main features of BRIC's development with regard to the intensifying criticism towards the existing format of this intergovernmental institution. Special emphasis is laid upon Russia's role in BRIC, as well as upon consequences of the 2008–2009 global crisis for each BRIC country. The author draws a conclusion that BRIC as a new informal institute is a reality of international economic and political relations and is of undoubted interest for all its members. For Russia it is important to use the BRIC to advance new international initiatives, as well as for exchange of economic development experience on many key issues.
BRIC, developing countries, informal international institute, crisis, investment product, innovative development, international financial system
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