Spectacular growth, cheap labour, abundant natural resources, pent-up consumer demand – emerging markets have it all! Now here’s the downside…
The contribution to the world’s GDP by the emerging BRIC nations (Brazil, Russia, India and China) and the growth markets of Indonesia, Mexico, South Korea and Turkey, is expected be twice that of the G7 between 2011 and 2020, according to Goldman Sachs’ Jim O’Neill – the man who first coined the BRIC acronym a decade ago. O’Neill stands by his predictions and insists the BRIC nations have “withstood the shakings of the world's economic foundations, and emerged more robust than ever.”
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