BRICS: What does BRICS mean??

BRICS is an acronym for Brazil, Russia, India, China, and South Africa.
The Economist Jim O’Neill created the term BRIC in the year 2001 (which stands for Brazil, Russia, India, and China) with the belief that these economies would dominate global growth by 2050.
The BRICS nations offered a source of foreign expansion for firms and strong returns for institutional investors.
The organization seeks to deepen economic cooperation between the member countries and stand in contrast to the Western sphere of power.
Brazil, Russia, India, China, and South Africa(BRICS) ranked among the world’s fastest-growing emerging market economies for years. This was as a result of low labor costs, favorable demographics, and abundant natural resources put together at a time of a global commodities boom.