South Africa ↘↖
The BRICS decade or two?
The BRICS, comprised of emerging economic countries Brazil, Russia, India, China and South Africa, will restructure international economic and diplomatic relations over the next 10 to 20 years. Currently, representing around 40% of the world’s population and nearly a quarter of global economic output, the BRICS countries hold the reins of the economic engine for this and coming decade.
In 2010, China overtook the dragging economy of Japan to become the world’s second-largest economy. At current growth projections, China is sets to catch up America within a decade or two. India and Brazil are growing rapidly. The past few years have reinforced the suspicion of many that the story of the century will be the inexorable rise of emerging economic powers.
If projections of future growth look rosy for emerging markets, however, history counsels caution.
