The BRIC nations -- a term coined by Jim O'Neill of Goldman Sachs in 2003 as the group of the fastest growing world economies -- comprise 40 percent of the world 's population and about a quarter of its landmass . The leaders of Brazil , Russia , India and China called for reform of the IMF and World Bank . ` ` The IMF and the World Bank urgently need to address their legitimacy deficits '' which are not only a threat to global financial stability but also an obstacle to economic growth in developing countries'economies.
The leaders of Brazil , Russia , India and China called for reform of the IMF and World Bank . ` ` The IMF and the World Bank urgently need to address their legitimacy deficits '' which are not only a threat to global financial stability but also an obstacle to economic growth in developing countries'economies.