BRICS
a.k.a. BRIC
A group of large emerging economies: originally Brazil, Russia, India and China, later South Africa and more.
In plain English
A group of large emerging economies: originally Brazil, Russia, India and China, later South Africa and more.
'BRIC' was coined by Goldman Sachs economist Jim O'Neill in 2001 to label four fast-growing economies: Brazil, Russia, India and China. The countries then formed their own club, added South Africa in 2010 to make BRICS, and admitted several more members from 2024.
For traders, BRICS shows up in talk of de-dollarization and alternative payment systems. So far, the dollar remains dominant in global trade and reserves.
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