BRIC (BRIC), since 2010 BRICS (BRICS) (from the English. Brazil, Russia, India, China, South Africa – “Brazil, Russia, India, China”, South Africa”) – a group of countries with the largest area and population, that develop, a term that is often used in economics.
For 2010-2015 a specialized fund that invested money in the BRIC countries decreased by 8 times. In the fall of 2015, Russia and Brazil were mired in recession, China's growth slowed to its lowest rate since 1990, and the South African economy stalled. The project completely lost its investment appeal, and on November 8, 2015, the investment bank Goldman Sachs announced the closure of this fund. This term was coined by Jim O'Neill, a global economist at Goldman Sachs in 2001.
Following South Africa's accession to Brick on 18 February 2011, the Indian Finance Minister announced that the group would henceforth be known as BRICS. The large size of these countries and their large populations ensure rapid development and, according to Goldman Sachs, by 2050 their economies together could exceed the combined size of the economies of the richest modern developed countries (the G7).
Goldman Sachs did not assume that there would be coordination of economic policies between the BRIC countries. Moreover, the BRIC countries were not supposed to form an economic bloc or an official trade association like the European Union. However, over time, there have been signs that "the four BRIC countries are seeking to form a political club" or "alliance" and thus convert "their growing economic power into greater geopolitical 'influence'." One of the recent signs is the summit of foreign ministers of countries in 2009 in Yekaterinburg. BRICS members are the largest among countries that are developing rapidly. The favorable location of these countries ensures the presence of many resources important for the global economy: