BRIC is an acronym used to represent four countries that have similar economic development. These countries are also known as the BRICs or the Big Four.
This term is used to describe the four nations of Brazil, Russia, India, and China. The acronym was first used in 2001 by Jim O’Neill. It was used to group together the four nations that were believed to be in the same stage of economic development. However, it wasn’t until 2009 when the countries’ leaders created a summit. Then, the following year it became a formal institution.
The original goal of the organization was to establish equitable and democratic world order. Later, BRIC became more of a political organization.
It is believed that by the year 2050, the BRIC nations could become some of the most dominant economies in the world. These nations cover over one-quarter of the world’s land (or over 68.5 million square kilometers) and are home to nearly 3 billion people – about 40% of the world’s total population. With a combined GDP of $20 trillion, the nations of BRIC could one day become the largest entity in the world.
In recent years, South Africa has started efforts in order to join BRIC and was invited to join BRICS in 2010. There have also been discussions about adding Indonesia to the organization.