All eyes are focused on the first BRIC (Brazil, Russia, India and China) summit in Yekaterinburg, Russia, because it could give rise to a new world economic order as opposed to the ailing global order represented by G8, which meets next month.

The financial tsunami that originated in the US has shattered the global economy. Though experts say BRIC will lead the global economic growth in the 21st century, the four countries have not escaped the financial tsunami either.

But the BRIC economies seem to have emerged out of the crisis earlier than the US and other economies. The stock markets in the four countries rebounded by 40 to 70 percent between February and early June, creating hope in the global market.