Question
Consider the following statements about
Brazil, Russia, India, China, and South Africa (BRICS)? I. Economist Jim O'Neill coined the term BRIC (without South Africa) in 2001. II. South Africa was added to the list in 2010. III. BRICS was established in 2000 as BRIC. Which of the above statements is/are incorrect?Solution
BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Economist Jim O'Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC economies would come to dominate the global economy by 2050. South Africa was added to the list in 2010.
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