BRIC stands for Brazil, Russia, India, and China, four nations with rapid economic growth. The Big Four or the BRICs are other names for this group of nations.
The four countries of BRIC (Brazil, Russia, India, and China) are collectively referred to by this name. Jim O’Neill originally used the term in 2001. It was used to bring together the four countries in the same economic growth stage.
It wasn’t until 2009, however, that the presidents of the nations formed a summit. In the following year, it was formally established.
When the organization was founded, its primary purpose was to create a more equal and democratic society. BRIC evolved into a more politicized group over time.
The BRIC countries are expected to have some of the world’s most powerful economies by 2050. Nearly 40 percent of the world’s population lives in these countries, spanning more than one-quarter of the planet’s surface area (approximately 68.5 million square kilometers).
The BRIC countries, which have a combined GDP of $20 trillion, have the potential to overtake the United States as the world’s biggest economy.
To join BRIC, South Africa has been making efforts in recent years. BRICS asked South Africa to join the group in 2010. Indonesia has also been discussed as a potential member of the group.