The Bloom Is off the BRICS
A few years ago, pundits and policymakers were predicting that the BRICS countries would be the new engines of the global economy. But now, with all five countries facing serious challenges to growth, they will have to double down on pro-market reform if they are to avoid the dreaded middle-income trap.
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STANFORD – A few years ago, pundits and policymakers were predicting that the BRICS countries – Brazil, Russia, India, China, and South Africa – would be the new engines of global growth. Naive extrapolation of rapid growth led many people to imagine an ever-brighter future for these economies – and, thanks to them, for the rest of the world as well.