Abstract
This paper is devoted to the development of the concept of the BRICs. In 2001 the investment bank Goldman Sachs in its report for the first time used the acronym “BRICs” reffering to Brazil, Russia, India, and China.
Analyst Jim O’Neill defined these countries as major emerging economies of the world that have the potential to become future leaders of the world economy. Acronym BRIC soon became popular in many areas of society.
Even on the basis of it was established international association composed of mentioned countries. In 2010, Republic of South Africa was invited to group and this gave rise to association BRICS.