Emerging Markets

Foreign Affairs Article

Broken BRICs

Author: Ruchir Sharma

Over the past several years, the most talked-about trend in the global economy has been the so-called rise of the rest, which saw the economies of many developing countries swiftly converging with those of their more developed peers.

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Interview

The Economy of the Olympics

Jose Ursua interviewed by Toni Johnson

With the London summer games at an end, economist Jose Ursua discusses whether or not Olympics have a financial impact for host cities, and the broader implications for the global economy.

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Audio

Corporate Program Teleconference: Global Economy

Presider: Gideon Rose

With concerns swirling over the prospect of another global economic slowdown, Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management, questions the current consensus view, which is still bullish on the BRICS (Brazil, Russia, India, China, South Africa) and bearish on the West. Sharma, the author of "Breakout Nations: In Pursuit of the Next Economic Miracles" and the May/June Foreign Affairs essay "Bearish on Brazil," argues against analyzing emerging markets under catch-all acronyms. He points out, for example, that Brazil's growth is dependent on a shaky premise: high prices for commodities like oil, coffee and iron ore. Meanwhile, the dismal image of Europe overlooks fiscally responsible countries like Poland and the Czech Republic, whose policies, institutions, and private sectors could enable them to become real growth economies. Sharma will discuss which nations will serve as pockets of future economic strength, and what this all means for the global economy, including the big powers of the West.

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Interview

Does the BRICS Group Matter?

Martin Wolf interviewed by Christopher Alessi

The emerging BRICS economies agree that the West should hold less sway in the global economy. But their leaders, despite regular summits, have failed to articulate a coherent vision because of divergent interests, says journalist Martin Wolf.

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