Jim O’Neill famously coined the term BRICs back in the early days of the last decade, as he predicted that Brazil, Russia, Indian, and China would be the world’s great big growth drivers. And he was absolutely correct.
He has a new book out called The Growth Map: Economic Opportunity in the BRICs and Beyond, which we’re eager to read, and which has been excerpted at The Telegraph.
In it, he says he has one regret about his call.
My only regret on the first BRICS analysis of 2001 is that we weren’t bolder.
Between 2001 and 2010, the BRIC economies’ GDP rose much more sharply than I had thought possible even in the most optimistic scenario.
Moreover, their citizens’ wealth showed equally remarkable increases, bringing hundreds of millions of people out of poverty. Their GDP per capita, the best indication of individual wealth, collectively trebled.
He goes onto cite several remarkable facts about BRICs growth, which has surprised him, including:
- Brazil has become the world’s 7th largest economy, surpassing Italy.
- The Chinese consumer market grew by $1.5 trillion since 2001, creating a whole new UK, basically.
- Intra-BRIC trade has grown much-faster than he expected, and BRIC leaders are talking openly about doing more business not involving the dollar