Reuters—According to reports released by the International Monetary Fund, five of the fastest growing countries last 2011 are in Africa. This includes the countries of Ghana (13.5%), Eritrea (8.2%), Ethiopia (7.5%), and Mozambique (7.2%).
Jim O’Neil, chairman of the Goldman Asset Management, said that the non BRICs markets have to improve their performances in education, technology and economic policy in order for them to sustain growth. He further explained that Goldman Sachs Equity Fund has already lost around 10.7% since its inception last February 28 while the Goldman BRIC lost around 24%. The Standard and Poor’s 500 Index was rumored to lose around 5.3% in that similar period.
Even as the BRICs have been slowing down, they could still outpace the more developed countries in the coming years, letting their portion of global GDP to rise up to 40 percent by the year 2050; this is according to estimates released by Goldman Asset Management.
According to Jim O’Neil’s book entitled “The Growth Map” which was recently launched last month, he said that the group still has its rosy prospects. Even if the growth is slower, the BRIC economies are projected to be collectively larger than the United States in the year 2015.