Even as the BRICS grab global headlines this week, some economists say their era is drawing to an end. Instead, they argue, the future will be led by economies like Indonesia, the Philippines and Colombia. CCTV’s Michelle Begue, has this story from Bogota.
In a recent announcement, global credit insurer Coface Group said the original BRIC economies of Brazil, Russia, India and China would post below-average growth in 2014, down 3.2 percentage points on their average for the previous decade.
However, a new wave of 10 emerging economies with accelerating economic growth, solid production prospects and financing to support expansion could eclipse them, it said.
According to the France-based company, Colombia, Indonesia, Peru, the Philippines and Sri Lanka placed in its first group of star performers, with sound business climates similar to current BRICS. Bangladesh, Ethiopia, Kenya, Tanzania and Zambia made up its second group, which while having potential faced more difficult business environments.