Critics have complained that Russia, with its declining population and overreliance on petro dollars, does not belong with the robust economies of Brazil, India and China.
O’Neill remains confident in the Russia boom so long as the country can diversify its economy:
This is important to bear in mind in view of the ‘gloom’ about Russia’s potential. Russia doesn’t need dramatic growth rates. It just needs to avoid crises. If it were to achieve this, its GDP could overtake that of Italy as soon as 2017, and in the decade 2020 to 2030, steadily sweep past France, the UK, and ultimately Germany.
O’Neill sees Russia moving into high quality manufacturing, becoming an export base of multinations wanting to reach former Soviet republics and the Middle East.
Meanwhile O’Neill is ever more bulish on the rest of the BRICs and other “Growth Markets” like Indonesia, Turkey, South Korea and Mexico. His only regret with his seminal BRIC paper is that he was not bolder.
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