Question

What does BRICS stand for?​

Answer 1

Answer:

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim O'Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC economies would come to dominate the global economy by 2050.

Explanation:

Answer 2

Final answer:

BRICS is an acronym for Brazil, Russia, India, China, and South Africa.

Explanation:

• The name BRICS stands for Brazil, Russia, India, China, and South Africa, five of the world's largest rising economies. Jim O'Neill, an economist at Goldman Sachs, first referred to the first four as "BRIC" (or "the BRICs") in 2001. O'Neill used the phrase to indicate rapidly expanding economies that would collectively control the world economy by 2050; South Africa was included in 2010.

• The BRICS were not a recognized intergovernmental body when they were first identified; rather, they were used to advertise investment opportunities.

• Their governments meet formally each year at summits to coordinate multilateral policy, and since 2009, they have become a more coherent geopolitical bloc. On July 24, 2022, China held the most recent BRICS summit. The primary tenets of bilateral ties between the BRICS countries are non-interference, equality, and mutual gain.

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