On November 20, 2011, Goldman Sachs' Chief Economist Jim O'Neil published an article entitled "The World Needs Better Economic BRICs", discussing the new economies of Brazil, Russia, India and China, and their roles in the global economic development. Because the initials of the English names of the four countries make the word "BRIC", the acronym has been pronounced as "brick". Therefore, the four countries are known as the BRICs/BRIC countries, among which Brazil is viewed as "the world's raw materials base", Russia as "the world's gas station", India as the "world office", and China as the "world factory". BRIC countries are the representatives of emerging economies, and are likely to become the world's largest economies in the coming decades.
"Why the BRICS?: A Chinese view,"
Culture Mandala: The Bulletin of the Centre for East-West Cultural and Economic Studies: Vol. 10
, Article 4.
Available at: https://epublications.bond.edu.au/cm/vol10/iss1/4