The former economist who coined the acronym Bric, which stands for Brazil, Russia, India and China, told the Financial Times that the group of countries the term refers to “has never achieved anything since they first started meeting”.

It is the designation of four fast-growing economies at similar stages of development, and is now called Brics, after South Africa joined the group.

Jim O’Neill’s comments come as the group of countries prepares to meet in Johannesburg for their 15th annual summit.

O’Neill coined the acronym Bric in 2001 while working for investment bank Goldman Sachs. He grouped Brazil, Russia, India and China together as they were all leading developing or newly industrialized countries. The countries adopted the term and began meeting in 2009. A year later, South Africa joined the group.

Speaking to the Financial Times on Tuesday, O’Neill said of the Brics: “I don’t know what they are trying to achieve beyond strong symbolism.”

He also rejected the idea, floated by Brazilian President Lula da Silva, that the collective could develop its own currency.

Two years ago, O’Neill said he occasionally joked that he should call the group “Ic” as the economic performance of Brazil and Russia in the decade to 2020 was “very disappointing”. However, he praised India and China for their economic growth.

Allegations of Russian war crimes in Ukraine have overshadowed this year’s Brics summit, which takes place from August 22 to 24.

South Africa had invited President Vladimir Putin to attend despite being subject to an international arrest warrant if he leaves Russia but it was eventually announced that his foreign minister would attend.