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Inventor of BRIC Acronym Names Nigeria a Champion of Strong Growth

Jim O’ Neil the man responsible for the BRIC acronym has stated growth in these countries have been disappointing in 2013. He goes on to mention that Nigeria and other parts of Africa are holding the torch for economic growth.

In addition to China’s slowing – much of which has been deliberately engineered in favour of more balanced, higher-quality growth – each of the other BRIC countries is disappointing in 2013. India’s growth for the last financial year has been just over 5pc; Brazil is growing at less than half that; Russia is growing between 3pc and 4pc, but signs of underlying issues about the style of leadership increase.

To this list, we can now add concerns about Turkey – “a BRIC in our neighbourhood”, as the Prime Minister accurately described the country during his first overseas trip – with Indonesia and Mexico also both slowing a little. That just leaves Nigeria and other parts of Africa as the champions of strong growth in the emerging world, or at least on the levels many have been hoping for.

Click here to read more about Jim’s comments.