BRIC nations to see 40 percent of global growth
The four nations that make up the BRIC bloc – Brazil, Russia, India and China – will be responsible for 40 percent of global economic growth over the next decade, according to an Ernst & Young report, For Richer, For Poorer, Global Patterns of Wealth.
The report, released Dec. 23, said that the United States' contribution, in comparison, would be 14 percent.
'Companies and governments in the developed world have to face up to the reality that there will be a further shift in the economic balance of power in the years ahead,' the report said.
It also said that the BRIC nations – the largest of the plethora of emerging global economies – would account for one-third of the world's GDP by 2020, led by China. It also said that emerging economies currently control 77 percent of the world's reserves.