Goldman Sachs’ Jim O’Neill on economic growth in the second decade of the 21st century:
We are assuming that the eight economies we define as “Growth Economies” – Brazil, Russia, India, China, Indonesia, South Korea, Mexico and Turkey – will contribute around $15 trillion in real terms to the world this decade. This contribution will allow for faster, yes faster global GDP growth of around 4.2% than for each of the past three decades. Of this $15 trillion, one-half will come from China, and another quarter of the total will come from the other Asian Growth Economies. This $15 trillion total will be more than twice that of Europe and the US combined. The Next 11 (N-11) economies, which as well as including South Korea and Indonesia, include another four Asian economies – Bangladesh, Pakistan, the Philippines and Vietnam – will contribute nearly as much as the G7 and more than either the US or Europe.