Son of Brics

Three weeks ago, The Economist noted a key transition in the global economy. It pointed out that the emerging markets now account for a greater share of world gross domestic product (GDP) than the developed economies. The magazine also pointed out that while the rich world’s output was still below 2007 levels, the emerging economies had grown by 20 per cent since then. Its conclusion: “The rich world’s woes have clearly hastened the shift of global economic power towards the emerging markets.”

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