What is the meaning of the acronym BRIC?

The acronym BRIC refers to Brazil, Russia, India, and China. It is used to describe four of the world's fastest-growing emerging economies that are expected to play an increasingly important role in the global economy.

The term was first coined in a 2001 report by Goldman Sachs, which argued that these four economies had the potential to become some of the world's largest economies in the 21st century. The report suggested that their economic growth would be driven by factors such as population growth, urbanization, and increasing access to technology and education.

Since then, the term BRIC has become widely used in economic and political discussions to refer to these four countries as a group. The grouping was expanded to include South Africa in 2010, changing the acronym to BRICS.