Book Review: The Growth Map – Economic Opportunity in the BRICs and Beyond
Author: Jim O’Neill Publisher: Portfolio: An Imprint of the Penguin Group – 248 pages Book Review by Sonu Chandiram The author Jim O’Neill is chairman of Goldman Sachs Asset Management. He coined the term BRIC in 2001 and identified the countries covered by this acronym – Brazil, Russia, India and China – as four of the fastest-growing major economies in the world, by population and area. Except for China whose economy is now second in size (having overtaken Japan) to the United States in terms of gross domestic product or GDP, the other three members of the BRIC have one or both key assets – a large and young (read: productive) population and a large geographic area with rich natural resources – that can help enlarge the country’s economy relatively faster than the six largest economies in the world or the G6: the U.S., Japan, Germany, France, United Kingdom and Italy. Note that these six countries also carry large amounts of external debt relative to their GDP, which has slowed their growth. Now about ten years later, he identifies the “next eleven” countries whose GDP will grow rapidly: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. In 2003, Jim O’Neill made predictions on the GDP growth rates of the BRICS and in which years they would overtake, collectively and individually, the GDP sizes of...
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