BRIC nations to drive global growth: Brazil

19th May 2010, Comments 0 comments

The world's top four emerging markets, the so-called 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 Wednesday.

"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 6.0 percent this year, China by 10 percent, India by 7.0 percent and Russia by 5.5 percent, 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 acount for 61 percent of global gross domestic product growth in 2014, according to the International Monetary Fund.

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

Mantega was in Spain for a EU-Latin America summit.

© 2010 AFP

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