“I might be tempted to call it just ’IC’ or if the next three years are the same as the last for Brazil and Russia, I might in 2019!!” O’Neill said in the article.
Economists’ median estimate for growth point to a 7% expansion in China and 5.5% India, whereas Russia is expected to contract 1.8% and Brazil could grow less than 1%. Russia has been dragged down as oil prices plunged and Western sanctions over the crisis in Ukraine crippled the economy. Meanwhile, Brazil is dealing with a prominent corruption scandal involving the state-owned oil company.
“It is tough for the BRIC countries to all repeat their remarkable growth rates” of the first decade of this century, O’Neill added. “There was a lot of very powerful and fortuitous forces taking place, some of which have now gone.”
iShares MSCI BRIC ETF
For more information on the BRIC countries, visit our BRICs category.
Max Chen contributed to this article.