Dragged down by debt and austerity, the 23 countries that make up the developed world contributed just 20% to that growth.
By Chantell (Nighswonger) Cieszkowski
Assistant Account Executive – Allison+Partners
Found in this week’s issue of The Economist is a chart of the world GDP which compares the contributions of the BRICS, developed countries, and developing countries against the overall world. Thanks largely to the BRICS (Brazil, Russia, India, China and South Africa) world GDP rose by 2.5% during the final quarter of 2012.
The BRICS alone have been responsible for 55% of global growth since the end of 2009. Dragged down by debt and austerity, the 23 countries that make up the developed world contributed just 20% to that growth.
BRICS Grow, U.S., Europe in Decline The five members of the BRICS (Brazil, Russia, India, China and South Africa) met in Durban this week to discuss their increasingly common interests. The now ubiquitous acronym was coined in 2001 by a strategist at Goldman Sachs. The group has since become a formal club of nations with South Africa, which wasn’t included in Goldman’s original collection, joining in 2010. Thanks largely to these big emerging economies, world GDP rose by 2.5% during the final quarter of 2012. The BRICS alone have been responsible for 55% of global growth since the end of 2009.
