Back then—in 2001—economist Jim O’Neill was still at Goldman Sachs. He drafted a report that would, without his knowing, shape twenty years of global economic development. The report’s primary emphasis is on developing and middle-income countries. It names Brazil, Russia, India and China as the major countries poised to dramatically influence global economic power on their own. This was a game-changing moment. It occurred only months after the September 11 attacks, at a time of profound changes to international economic relations.
O’Neill’s observations led him to come up with the acronym “BRIC.” He grew it from “BRIC” to “BRICS,” as he joked, in 2010, when he added South Africa. Speaking in an interview with Megan Jones, O’Neill reflected on his initial views regarding the acronym’s longevity. He conceded that he did not expect to be talking about BRICS almost a quarter century later. What began as an academic exercise became a powerful and nimble coalition of countries. As of today, this diverse coalition has grown to 11 members.
Since the first BRICS summit was held in 2009, this group had its formal establishment. Given the political landscape at the time, O’Neill would hardly have been surprised that his idea went nowhere fast. The BRICS countries have hovered in the public consciousness in recent years, particularly during global trade tensions. For instance, U.S. President Donald Trump’s threats of tariffs against various countries have brought renewed attention to the group’s potential influence in global economics.
O’Neill’s original report underscored the growing economic promise of these countries, given their massive population sizes and their wealth of natural resources. He had imagined them as powerful upwardly-mobile challengers on the global stage, a prophecy that has almost fully materialized. The BRICS group has evolved beyond its original framework, fostering cooperation and dialogue among its members on various global issues.
As of today, the BRICS bloc has expanded to 11 countries. Every day, they help shape the course of international relations and economic debate. BRICS has come a long way from the original idea in an investment bank report to a geopolitical powerhouse. This fascinating evolution underscores the fickle and precarious state of global economics.