WikipediaExtracts:BRIC
Extracted from Wikipedia --
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BRIC is a term describing the foreign investment strategies grouping acronym that stands for Brazil, Russia, India, and China. The separate BRICS organisation would go on to become a political and economic organization largely based on such grouping.
The term was first coined by economist Jim O'Neill and later championed by his employer Goldman Sachs in 2001. O'Neill identified the four countries as rising economic powers which were at a similar stage of newly advanced economic development. Goldman Sachs, of which O'Neill was the head of global economics research, would continue reporting and investing in their BRIC fund until 2015. The grouping is typically rendered as "the BRIC", "the BRIC countries", "the BRIC economies", or alternatively as the "Big Four".
The acronym was co-opted by the countries themselves beginning in the late-2000s. The 1st BRIC summit in 2009, which founded the BRICS organisation, was held between the leaders of the four countries, with later summits involving South Africa beginning in 2010. O'Neill commented on the 2010 summit by drawing a distinction between his BRIC term and the BRICS organisation, arguing that South Africa was too small as an economy to join the BRIC ranks.
