BRICS is an acronym that refers to 5 major emerging economies: Brazil, Russia, India, China, and South Africa. The term was coined by economist Jim O'Neill to describe the growing economic power of these countries. Together, BRICS members are developing or newly industrialized countries that aim to improve the global economic situation through cooperation. They seek to reform international financial institutions and expand industrial cooperation to contribute to world peace and development. By 2050, BRICS countries could become 4 of the most dominant economies globally based on their current economic growth and potential.