what is brics

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The term was originally coined in 2001 by Goldman Sachs economist Jim ONeill, who created the term to describe fast-growing economies that would collectively dominate the global economy by 2050. The original acronym "BRIC" was later expanded to include South Africa in 2010, changing the acronym to BRICS. The BRICS have received both praise and criticism from numerous commentators. The BRICS Forum is an independent international organization that encourages commercial, political, and cultural cooperation among the BRICS nations. The BRICS vision is to demand a greater voice for developing countries in world affairs. Together, these emerging markets represent 42% of the world population and account for over 31% of the world's GDP according to the World Factbook.