Alroy Commentary - New Predictions from BRIC Coiner
Coiner of “BRIC”, "Jim" O'Neill, was interviewed with Wall Street Journey recently. As an economist who discovered the potential of BRIC countries (Brazil, Russia, India and China) a decade ago, he talked about his new predictions of BRIC countries. Here is some key points from the interview -
India - India has the biggest growth potential among BRIC countries, and he thinks India can grow by 10 percent per annum. She has good demographics, with high birth rate and young population. However, India needs more reforms in structure and should accept more foreign direct investments.
Russia - Russia’s economic relies on oil production heavily. However, he believes oil price already hit its peak in 2008. That the reason he believes why Russia lagged behind other BRIC countries.
China - China is unlikely to repeat 10 percent economic growth in the future. Nonetheless, he noticed accelerating grow in retail sales. He believes the restructure of Chinese economic (from low consumption to high consumption) is underway, and increasing consumption in China is one of the reasons he feels optimistic to global economics.
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