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.
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