Future of Golden BRICS

With the successful holding of the fifth summit of Brazil, Russia, India, China and South Africa (BRICS) in Durban during March 26–27, 2013, this influential group of emerging economies completed its first important phase of genesis and evolution. The idea was floated in 2001 as an ‘acronym’ created by an investment banker of Goldman Sachs, Jim O’Neil who believed that the fast-growing economies of Brazil, Russia, China and India would be the single greatest game changers in coming times. The resultant informal group began holding annual summits in Yaketeranberg in 2009 and its pace of progress has since surprised many—including its own creator Jim O’Neil, who does not hide his disappointment at what has come about of his original vision.