Question

Who coined the term ‘BRICS’ in 2001 ?
1. Jim O’ Neill
2. Barack Obama
3. John Kennedy
4. Vladimir Putin

Answer 1

Correct Answer - Option 1 : Jim O’ Neill

The correct answer is Jim O’ Neill.

• The term 'BRICS' was coined by economist Jim O'Neill in 2001.

• BRICS stands for Brazil, Russia, India, China, and South Africa.
• Goldman Sachs Chief Economist Jim O'Neill coined the term BRIC (without South Africa) in 2001.
  • He claimed that by 2050 the four BRIC economies would come to dominate the global economy.
• South Africa was added to the list in 2010.
• Due to low labour costs, favourable demographics and abundant natural resources, these countries ranked among the world's fastest-growing emerging market economies for several years.
• Contemporarily, these countries experienced significant growth, raising concerns regarding their impact on the global economy.
• BRICS countries' foreign ministers meet first time in 2006 and formal head of state summits started in 2009.
• Its headquarters of the BRICS is in Shanghai.