Earlier this week when India was reporting blackouts affecting half of the population, we reached out to Jim O’Neill, the economist who coined the acronym BRIC (Brazil, Russia, India, and China).Surprisingly, he told us, “[I] don’t have a big view on it to be honest.”
It was as if he almost expected it to happen.
In his latest Viewpoints note, he continued to express his frustration with the country that can’t seem to get its act together.
As for India.
Not a great week – again. The country’s huge power blackouts highlight once more the scale of their challenges, and at the same time, ongoing economic indicators lead more to scale back cyclical GDP forecasts. In addition, they are the one BRIC nation that doesn’t appear to be here on mass in London. What is the matter with you guys? And yet the Indian Sensex index sits there proudly, +11.45% year-to-date.
O’Neill recently circulated to the top people at Goldman Sachs 7 charts snapshotting the global economy.