A must-read for GIFT followers comes from Jim O’Neill, the global macroeconomist who first predicted the radical rebalancing of the world’s economy by coining the “BRIC” acronym in 2001.
Ten years later, O’Neill identified the BRICs and four of the N-11 (Next Eleven) countries – Indonesia, South Korea, Mexico and Turkey – as the ‘Growth Markets’, while acknowledging the power of demographics, productivity and other factors like access to education and technology, as well as stable inflation rates, in the rest of the largest emerging economies.
A cultural shift is required to understand this irreversible change, and to partake in reshaping the respective opportunities of the new world economic order. There is still plenty of work to do for shared, sustainable progress. Are we ready? Two billion people are expected to be brought into the ‘global middle class’ between 2011 and 2030, as the BRICs and the N-11 develop. Jim O’Neill says: “For the overindebted, burdened nations of the West, selling goods to the rising Growth Markets IS their future”.