BRICS

BRIC is a grouping acronym referring to the countries of Brazil, Russia, India and China, deemed to be developed countries at a similar stage of newly advanced economic development, on their way to becoming developed countries. It is typically rendered as "the BRICs" or "the BRIC countries" or "the BRIC economies" or alternatively as the "Big Four". A related acronym, BRICS, adds South Africa. Indonesia is sometimes suggested to be included on the basis that it is in a similar situation.[2] The term was coined by Jim O'Neill in 2001 as an acronym for four countries that were all deemed to be at a similar stage of newly advanced economic development,[3][4][5][6] but in 2009 the leaders of BRIC countries made the first summit and in 2010 BRIC became a formal institution.[7] South Africa began efforts to join the BRIC grouping and on December 24, 2010, was invited to join BRICS.[8] The original aim of BRIC was the establishment of an equitable, democratic and multi-polar world order,[7] but later BRIC became a political organization, especially after South Africa joined.[9] Jim O'Neill told the 2010 summit that South Africa, at a population of under 50 million people, was just too small as an economy to join the BRIC ranks.[10] The future of BRIC as an economic group is questionable. In 2012, a book with the title Breakout Nations argued that it is hard to sustain rapid growth for more than a decade.[11]