In 2001, Goldman Sachs economist Jim O’Neill used the acronym BRICs to point towards the amazing changes happening within the global economy. Developed economies were slowing down just as the developing world was accelerating. O’Neill suggested that Brazil, Russia, India and China were economic powerhouses that would re-shape the world. Later, the BRIC countries started holding regular summit meetings and, in 2010, they invited South Africa to join them. The BRICs became the BRICS.
Well, O’Neill was wrong. What’s really happened since 2001 is terrific growth in China and — to a lesser extent — India. This has had a significant multiplier effect regionally, with countries such as Vietnam, Cambodia and Bangladesh enjoying rapid growth. China’s huge investment in Africa has helped sub- Saharan countries such as Kenya, Nigeria and Tanzania enjoy consistently high growth for the past 15 years.
Your organisation does not have access to this article.
Sign up today to give your students the edge they need to achieve their best grades with subject expertise
Subscribe
