Madrid: 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 per cent
this year, China by 10 per cent, India by 7.0 per cent and
Russia by 5.5 per cent, 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 per cent of global
gross domestic product growth in 2014, according to the
International Monetary Fund.
The four nations, which represent 40 per cent 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.
PTI
First Published: Wednesday, May 19, 2010, 23:09