After the BRICs?
Remember the Goldman Sachs narrative on the BRIC economies? Well now apparently Goldman Sachs expand the franchise to include eleven new economies which are worth wathing as we move closer to 2050. This news comes from the Development Bank Research Bulletin.
'Goldman Sachs names another eleven economies that may emerge as important players by 2050. They are (in alphabetic order): Bangladesh, Egypt, Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey, Vietnam. Goldman Sachs names them N11 (i.e., the Next Eleven)
Among them, Korea and Mexico are particularly important. Mexico will become the sixth-largest economy. By 2050, Korea will become richer (in income per capita) than any of the current G7s (Canada, France, Germany, Italy, Japan, U.K., U.S.) except the U.S. GDP per capita of Korea will reach 81,462 USD (in market exchange rate) in 2050, if everything goes smoothly, while Mexico’s will reach 52,990 USD. U.S.’s GDP per capita, standing at 89,663 USD in 2050, will be still slightly richer than Korea’s.'
Interesting stuff but as always we need to ask whether all this hold up scrutiny, I mean is Russia really to be compared with China and India?