Will Africa be the Next Bric?


For you economists out there this might be interesting reading. Despite the global recession, many African economies have held up quite well.  So will Africa become the next “BRIC” emerging economic force?  (BRIC is the acronym for Brazil, Russia, India and China – the emerging economies that could challenge the world’s developed economies). The debate started when South Africa (confident after its successful hosting of the World Cup) suggested it could join the BRIC emerging economies.

http://www.ft.com/cms/s/0/6c00e950-b153-11df-b899-00144feabdc0.html

So will Africa be the next BRIC?  The case FOR it is at the link below by Dr Ngozi Okonjo-Iweala – World Bank Managing-Director (and Nigeria’s former Finance Minister). She is quite optimistic and outlines some very impressive stats:

*Africa is a trillion dollar economy that has grown faster than Brazil and India between 2000 and 2010 in nominal dollar terms, and is projected by the IMF to grow faster than Brazil between 2010 and 2015.

*Africa’s foreign exchange reserves increased by over 300% between 2001 and 2008.

http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/AFRICAEXT/0,,contentMDK:22586962~menuPK:258660~pagePK:2865106~piPK:2865128~theSitePK:258644,00.html

As you might imagine, the case “against” is from a Western newspaper – the Financial Times.

http://blogs.ft.com/beyond-brics/2010/08/27/91601/

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