November 21 ,2017 , 02:34 AM
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Arguments of broken BRICS lack long-term vision and real substance


The familiar argument predicting a collapse of BRICS countries by the West has sadly failed to grasp the essence of this dynamic grouping from the emerging world.

A term coined by the Goldman Sachs economist Jim O'Neil in 2001, the acronym referring to Brazil, Russia, India, China and South Africa used to stand for the great economic powers of the future, but many Western observers have recently come to question its unity and vitality after the five economies confronted headwinds in recent global economic downturn.

The worries from global investors looking for short-term profits are not totally unfounded, as most of the BRICS countries have witnessed a slowdown in their economic growth.

However, that temporary difficulty of the BRICS members has in no way changed the long-term prospect of a robust "rise of the rest," compared with the anaemic growth in the developed world, particularly since the financial crisis in 2008.

The BRICS countries, collectively representing almost 42 percent of world population, a quarter of global income and 17 percent of world trade, are gradually maturing and changing gear in their growth rates.

Their current slowdown is structural and cyclical in nature, and essentially healthier than a prolonged growth spurt driven by cheap credit and commodity exports.

Monday, Sep 29, 2014 1:05 am

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