Bric economies should move to the top table

The man who coined the acronym “BRIC” for the economies of Brazil, Russia India and China in 2001, Jim O'Neill of Goldman Sachs, thinks that the group should no longer be considered as "emerging" economies but rather as "growth" economies and that they should be given a place in groups like the G20.

"Our updated research suggests that China's economic output – its gross domestic product – could match that of the US as early as 2027, and perhaps even sooner," O’Neill now says.

And, “since 2001, China's GDP has risen fourfold, from $1.5 trillion to $6 trillion [£949bn to £3.7trillion] Economically speaking, China has created three new Chinas in the past decade. And it's likely that the combined GDP of the four BRIC nations will exceed that of the US sometime before 2020."

He argues that unless the BRICs are embraced more fully by the powers that now dominate the world's economic policy councils, the international business community will not be able “to enjoy the full benefits of their growth."

Source: OPP.org.uk