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South Korea Beats South Africa as BRIC Candidate, Goldman Says

South Korea’s economy and growth forecast make it a stronger candidate than South Africa to join the BRIC group of major emerging markets, said Goldman Sachs Asset Management’s chairman, Jim O’Neill, who first coined the term BRIC.

South Africa was formally asked on Dec. 23 to become a member of the BRIC group that comprises Brazil, Russia, India and China. President Jacob Zuma was invited to attend the third BRIC heads of state meeting in Beijing in April.