BRICs on track to beat GSAM projections

BRIC economies could be among the five largest in the world well ahead of 2050, the year originally forecast by Goldman Sachs Asset Management (GSAM).

In a note re-defining emerging markets as ‘growth markets’, the group’s chairman Jim O’Neill said long-term projections published in 2003 suggesting Brazil, Russia, India and China will join the US as the world’s largest economies were underestimated. “The transformation of the global economy we predicted is well under way. We have been surprised by how quickly the changes have taken place. GS Global ECS Research’s original long-term projections published in 2003 underestimated reality. In fact, the BRICs are already dominating the world in a number of ways.” O’Neill added China overt...