Blog: BRICs have "outgrown" emerging market status
Petah Marian | 16 March 2011
The chairman of Goldman Sachs asset management Jim O'Neill has said that BRIC markets have "outgrown" their emerging market status.
Speaking at today's (16 March) Retail Week conference, he said that people that growth in these markets is so strong, that describing them as emerging markets is "an insult" and that people who treat them as "emerging markets are missing out".
O'Neill, who coined the BRIC acronym in 2001, said we are living in a "largely BRICs driven world" and that the UK is in a great position to become the "centre of the BRICs world" due to being at the centre of the world's time zone and because everyone speaks English.
He said that the US dollar value of consumption in these emerging markets is rising by some $1trn a year and that with half of that growth coming from China there are "great opportunities for supermarkets and luxury goods" in the country.
O'Neill said that the UK's recovery would be driven by the manufacturing sector, rather than consumers and that he is "slightly optimistic for the UK". However, said that despite the UK experiencing a "pretty normal cycle over the past three years", this year is likely to be the "toughest that the UK economy faces".
He tempered this forecast by suggesting that earlier forecasts had been "too pessimistic" and that unemployment never rose to the levels forecast in previous years, and that it may not reach those levels this year.
The UK's competition regulator has given the all-clear to Hain Celestial's bid to buy UK food and beverage group Orchard House Foods, nine months after the US group announced the deal....
Hershey made an unusual announcement today (20 September), sharing its own sales data for the last four weeks to assuage any possible investor concern over figures released by Nielsen....
As the UK starts to ponder what kind of a relationship it wants with the European Union post-Brexit, EU leaders have been lining up to warn that Britain will not be allowed to "cherry pick" deals and ...
Low food prices continue to hold back inflation rates in the UK as the supermarket price war continues in the face of rising import costs. ...
- Interview: Mondelez eyes sweet success in China
- The benefits of engaging staff in sustainability
- How food companies involve staff in sustainability
- Why Danone is withdrawing Dumex from Vietnam
- How PepsiCo is taking action on palm oil
- 2 Sisters chief Boparan buys Bernard Matthews
- Fonterra says value-added strategy paying off
- B&G Foods acquires ABF's US spice business
- General Mills profit falls as sales disappoint
- MP calls for probe into Bernard Matthews "sale"
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Global Chocolate Confectionery Overview: Challenges, Opportunities and Risks
- Global Foodservice Market 2016-2020
- Global Food and Drinks Closures: Performance and Opportunities
- Fast Food Restaurants in the US - Industry Market Research Report