(Bloomberg) -- The acronym was simply too good to lose: BRICS.
“BRIC, ” the original turn of phrase, was coined in 2001 by economist Jim O'Neill, then at Goldman Sachs Group Inc., to draw attention to strong growth rates in Brazil, Russia, India and China.
It became even catchier with the added “S,” that made it plural when South Africa was invited to join at the end of 2010.
But things got more complicated when the bloc of major emerging market powers decided on Thursday in Johannesburg to throw six more countries into the mix — Saudi Arabia, Iran, Egypt, Argentina, Ethiopia and United Arab Emirates. That creates a potential letter soup.
Brazil President Luiz Inacio Lula da Silva was quick to intervene.
“The name will remain BRICS, it's beautiful,” he told the bloc's annual leaders' meeting in Johannesburg. “The child is already registered. The child has become an adult, she doesn't want to change her name.”
How BRICS Became a Club That Others Want to Join: QuickTake
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