BRIC Nations to Drive Global Growth

May 19, 2010
Brazil is forecast to grow 5.5%- 6% this year, China 10%, India 7%, Russia 5.5%

The world's top four emerging markets, the BRIC countries of Brazil, China, India and Russia, will account for two-thirds of global economic growth over the next five years, Brazilian Finance Minister Guido Mantega said on May 19.

"During the next five years, it is the emerging nations, the BRICs, which will lead global growth and represent two-third of the growth of the global economy," he said at a conference in Madrid on the Brazilian economy.

Brazil is forecast to grow between 5.5% and 6% this year, China by 10%, India by 7% and Russia by 5.5%, the minister said.

The BRICs, a term coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the growing influence of big emerging economies, will account for 61% of global gross domestic product growth in 2014, according to the International Monetary Fund.

The four nations, which represent 40% of the world population, already accounted for about half of global growth between 2000 and 2008.

Copyright Agence France-Presse, 2010

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