Moreover, speculation on Fed “tapering” has instigated capital outflows from riskier emerging markets.

“Many of these countries got very complacent after a very good decade and they were all riding the wave of the global liquidity,” Sharma added. “A lot of money flew to the emerging market based on the assumption that the U.S. is in a terminal decline and you have to go to these large emerging markets. Those expectations are being unwound.”

Combined, BRIC GDP was $14.5 trillion last year, compared to $2.8 trillion in 2002 – to put this in perspective, the U.S. economy is $15.7 trillion, according to the International Monetary Fund. RRIC countries made up 62% of global growth in 2012, up 11% over the past decade.

“After years of strong growth, the BRICs are beginning to run into speed bumps,” IMF Chief Economist Olivier Blanchard said in the article.

Guggenheim BRIC ETF

For more information on BRIC countries, visit our BRICs category.

Max Chen contributed to this article.