From a turn of phrase by Jim O'Neill of Goldman Sachs in 2001, a grouping was born in 2009. BRICS (Brazil, Russia, China, India and South Africa) make up two-fifths of the world's population, one-fifth of world gross domestic product and one-seventh of world trade. Yet, they account for two-thirds of world growth, with competitive edges in different areas, from abundant natural resources to strengths in manufacturing, information technology and biotechnology.
By 2025 the world's Group of Eight economies is likely to consist of the United States, China, India, Japan, Germany, United Kingdom, France, and Russia.
BRICS pose a challenge to the U.S.-dominated global architecture comprising the trinity of the United Nations, World Bank and International Monetary Fund. On the eve of the first BRIC (South Africa joined just last year) summit in Russia in 2009, Brazilian President Lula da Silva wrote of "broken paradigms and failing multilateral institutions." The deficiencies have eroded the legitimacy and credibility of the international institutions and fostered mistrust between the established, rising and developing countries.