Bloomberg interviewed former Goldman Sachs chief economist Jim O’Neill, who initially coined the term “BRIC” back in 2001, and he said the group is breaking up.
O’Neill said he would no longer group those countries together — or, if things continue, certainly not by 2019.
You already know that India is the new It Girl of the BRIC countries, and China, while slowing, still boasts impressive growth and output that makes the rest of the world jealous.
Russia and Brazil, on the other hand, are flailing, and could soon lose membership to that club of emerging market powerhouses, according to a Bloomberg report.
Brazil’s economy is only expected to grow 1 per cent this year, and Russia’s will actually contract 1.8 per cent, according to the report.
Meanwhile, China’s growth, measured by purchasing power parity, will add twice as much to global output as the United States’, and India’s will double that of the United Kingdom by those terms, O’Neill said. No wonder they want to ditch the others.
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