The BRIC economies of Brazil, Russia, India and China have suffered a rocky ride since renowned economist Jim O'Neill coined the acronym in 2001.
O'Neill, who invented the term as Goldman Sachs' chief economist, told CNBC on Wednesday that China and India were performing as well — or even better — than he forecast in his now-famous report, "Building better global economic BRICs." In this, he predicted the BRICs' importance to the global economy would rapidly increase over the coming decade.
"The most important BRIC, China, despite all its problems and its slowdown, is still, since the decade started, growing by more than I had assumed it would," O'Neill told CNBC.
"So it was pretty obvious China would slow down at some stage significantly. There are lots of challenges, but so far, China is the only of the four (BRICs) that has grown by more than I had assumed."