Brazil, Russia, India, China and South Africa have not lived up to the grandiose hopes expressed for them 13 years ago, when it was predicted the developing countries would soon overtake the world’s top economies, writes International Affairs columnist Jonathan Manthorpe. An excerpt of today’s column:
There is probably little hope that when Terence James “Jim” O’Neill heard the news on Tuesday he buried his head under a pillow and groaned with embarrassment.
But perhaps he should have done.
It was O’Neill, who as head of Goldman Sachs’ global economics research in 2001, coined the term BRICs, by which he envisaged that the developing economies of Brazil, Russia, India and China would soon overtake the economic power of the seven top industrialized nations.
It was a charming thought that has captivated trade and economic discussion and debate for the last 13 years. But looking at the BRICS today — the S of South Africa was added in 2010, apparently for reasons of inclusiveness rather than economic muscle – O’Neill’s prophesy looks at best overly-optimistic and at worst, out of reach.
The news on Tuesday that ought to have made O’Neill redden with shame was that James Coates, vice-president of the International Olympic Committee, said Brazils preparations for the 2016 games in Rio de Janeiro are “the worst I have experienced.”
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