Reuters —Ethiopia, one of Africa’s fastest-growing economies, has asked to join the BRICS bloc of emerging markets, the foreign ministry said on Thursday. The term BRIC was coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the rise of Brazil, Russia, India and China. South Africa joined in 2010. Last year Argentina, the world’s 23rd-largest economy, said it had received China’s formal support to join the group, which is seen as a powerful emerging-market alternative to the West. BRICS countries account for more than 40% of the world’s population and about 26% of the global economy.

Source: Ethiopian News June 30, 2023 14:51 UTC