Summary
Economist Jim O'Neill of Goldman Sachs created the term BRIC in 2001 to describe Brazil, Russia, India, and China's potential role in the world economy. These countries later held a summit in 2009, forming the group known as BRICS with South Africa joining. The group, now with 11 members, is gaining attention amid President Trump's tariff threats.
Key Facts
- Jim O'Neill first introduced the term BRIC in 2001.
- BRIC stands for Brazil, Russia, India, and China.
- These countries held their first summit in 2009.
- South Africa joined the group, changing its name to BRICS.
- BRICS now has 11 member countries.
- The group is in the news as President Trump considers tariffs.
- Jim O'Neill discussed the origin of BRICS with Megan Jones.
