The acronym started as “BRIC” in 2001, when Goldman Sach’s then-chief economist Jim O’Neill predicted that the economic weight of Brazil, Russia, India and China could eclipse the world’s biggest economies in the next decade. A decade passed, and that didn’t happen. But leaders of BRIC nations did hold their first official summit in Russia in 2010, with South Africa joining the group a year later. Since then, they have met regularly to discuss cooperation on global issues. Video below is from CNBC International. Good viewing for A Level Developing Economies.
For more on Development Economics and BRICS view the key notes (accompanied by fully coloured diagrams/models) on elearneconomics that will assist students to understand concepts and terms for external examinations, assignments or topic tests.