If the BRIC countries were a car, you could confidently say that one wheel has fallen totally off, one wheel is wobbly and could eventually fall off, one wheel needs air and the remaining wheel is the only one barely keeping the car from hitting the pavement.
Before moving on with this post I need to make one quick note. In 2010 South Africa was interested in joining the BRIC forum and consequently was invited to join. The reasoning behind this was that South Africa represents the world’s emerging markets and it could play an important role to the other BRIC members as a gateway to the African continent. In spite of the fact that South Africa is now officially and deservedly part of this group, I will not be posting information on South Africa in this particular piece. The reason is that the premise behind this post is that pundits don’t always get it right. Since South Africa was not originally included in Jim O’Neill’s paper entitled “Building Better Economic BRIC” which was meant to envisage those developing economies that would replace the G7 countries in economic power, I will leave any comments on South Africa for a later post, if that opportunity arises.
Continue reading “What ever happened to the BRIC economies? An update”