Jim O'Neill on The Future of the BRICs

Jill Farrelly

On Friday, 23 March 2012, Jim O’Neill, Chairman of Goldman Sachs Asset Management delivered the opening address of the IIEA series The Future of the BRICs – Ten Years On.

While Head of Global Economics, Commodities and Strategy Research at Goldman Sachs, Jim O'Neill published the hugely influential paper “Building Better Global Economic BRICs”, thus coining the BRIC acronym. In his keynote address on Outlook for 2012 and Beyond, Mr. O’Neill reflected on a decade of growth in these economies, reiterating his belief that they can no longer be classified as emerging economies. He reflected on the structure of international institutions, acknowledging that the leadership of the IMF and the World Bank will, in the future, have to better reflect the economic and geopolitical importance of the world’s large growth economies.  

Mr. O’Neill discussed Goldman Sachs’ Growth Environment Score (GES), noting in particular the high GES of South Korea (7.7), placing it in 4th position of 183 countries. He also highlighted Ireland’s high GES score (7.4), against an EU average of 7.1, expressing his belief that Ireland’s long-term growth prospects may be better than those of all other EU members.  

The second event in the IIEA BRIC series will take place on Wednesday, 11 April at 12.45, with an address by Dr. Nicu Popescu, Head of the Russia Programme, European Council on Foreign Relations on “Taking the R out of BRIC.”

IIEA in the press:

Irish Can Grow Out of Debt Problems, Goldman’s O’Neill Says

Bloomberg Businessweek – 23 March 2012

Ireland's growth potential is strongest in Europe, says Goldman Sachs executive

The Irish Times – 24 March 2012

As an independent forum, the Institute does not express any opinions of its own. The views expressed in the article are the sole responsibility of the author.