Pic Courtesy: – Paris: Indonesia, Bangladesh and Ethiopia are among 10 countries set to take over as emerging economies from the powerful BRICS nations as they struggle with growing pains, a French credit body said on Tuesday.
"After 10 years of frenetic growth" the big five emerging economies of Brazil, Russia, India, China and South Africa — the BRICS — "are slowing down sharply," the French trade credit and insurance group Coface said.
In a report entitled "Coface identifies 10 emerging countries hot on the heels of the BRICS," the organisation said that average economic growth by the BRICS this year would be 3.2 percentage points less than the average in the last 10 years.
But "at the same time, other emerging countries are accelerating their development," it said.
The growth of emerging economies and the effect this has on world trade flows is closely analysed by economists because of the huge impact on every aspect of the global economy and power balances.
Coface broke the 10 new emerging economies it has identified into two groups.The first comprises Peru, the Philippines, Indonesia, Colombia and Sri Lanka, which it named the PPICS.They had "strong potential confirmed by a sound business environment," Coface said.The second group […]