In 2001, economist Jim O’Neill, then working at Goldman Sachs, authored a pivotal report predicting the rise of several emerging economies that would play significant roles in the global market. This report, penned just months after the September 11 attacks, predicted major shifts in economic policy. It came up with the unfortunate acronym “BRICS,” referring to Brazil, Russia, India, China and, later, South Africa. O’Neill reflects on almost 25 years of BRICS’ unanticipated durability and transformation. In an interview with journalist Megan Jones, he offers his ideas.
O’Neill’s report was groundbreaking in its foresight. Those four countries were Brazil, Russia, India, and China – countries he thought would experience very rapid economic expansion and become world leaders. The term “BRIC” only developed sort of haphazardly during his thinking. That’s where this catchy little acronym came in, one that took off faster than the speed of sound among policymakers and economists. Yet in 2009, these same countries executed O’Neill’s vision. To begin 2015, they convened the first summit of BRIC, formally founding the group.
At first, BRICS meant only the four countries featured in O’Neill’s original paper. The group’s importance grew when South Africa was welcomed into the fold in 2010, making it BRICS. Today, the coalition boasts eleven member countries, signaling a growing recognition of the importance of emerging economies in global affairs.
Yet, the ascent of BRICS too has come with its own share of troubles. More recently, the club has received new notoriety thanks to geopolitical strains, most notably imported by none other than U.S. President Donald Trump and his threats of tariffs. These changes have led to a new round of debate about BRICS’ relevance, power, and cohesion under external challenges.
O’Neill wrote about his early impressions of BRICS. In fact, he confessed he never expected that he would still be talking about the acronym almost a quarter-century later. His observations have turned out to be surprisingly prescient as BRICS has since shifted and changed, grappling with the new global realities.