BRICS
What is the BRICS?
BRICS is an acronym that started as BRIC in 2001, coined by Jim O’Neill (a Goldman Sachs economist) for Brazil, China, India, and Russia. Later in 2010, South Africa was added to become BRICS. Goldman Sachs claimed that the global economy will be dominated by the four BRIC economies by 2050. The main reason for such a claim was that China, India, Brazil, Russia, and South Africa were ranked among the world's fastest-growing and emerging market economies for years. The main comparative advantage of this group is their low labour costs, favourable demographics, and abundant natural resources at the time of the global commodities boom.

The Goldman Sachs thesis didn’t claim that BRICS would become a political alliance or even a formal trading association. However, the report said that BRICS has the potential to form a powerful economic bloc.

In 2013, BRICS accounted for around 27% of global GDP in purchasing power. The five countries have a total population of 2.88 billion, accounting for around 42 per cent of the entire global population. The countries in the BRICS bloc cover 26 per cent of the total land area on earth.

Goldman Sachs’ BRIC Thesis: Early Development
O'Neill of Goldman Sachs noted in 2001 that BRIC nations were expected to grow more quickly than the Group of Seven consisting of the seven most advanced global economies, including Canada, France, Germany, Italy, the United Kingdom, the US, and Japan. In the “Building Better Economic BRICs” paper, O'Neill presented his views on the potential of BRIC nations.

Later in 2003, Roopa Purushothaman and Dominic Wilson (O’Neill’s colleagues at Goldman Sachs) presented a report named “Dreaming with BRICs: The Path to 2050.” They both claimed that by 2050, BRIC will become more prominent than the G7, changing the look of the world's economies in four decades.


https://m.economictimes.com/definition/brics/amp