Emerging economies Jim O’Neill
In view of the considerable fiscal challenges facing both Europe and the US, it is not surprising that investors are searching for alternatives. In addition to providing much better potential for long-term real gross domestic product growth, those countries that I refer to as Growth Economies—the four BRICs, Brazil, Russia, India and China, along with Korea, Indonesia, Mexico and Turkey—all have dramatically better fiscal positions and considerably lower government debt.
One way of thinking about it would be in terms of the Maastricht Treaty, which before 1999 was supposed to determine countries’ fitness for membership of…
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