Let’s go shopping
Bloomberg: BRIC Shoppers Will ‘Rescue World’ Says Goldman Sachs Economist
O’Neill, who is based in London, says the citizens of the BRIC nations are poised to spend more. “The BRIC consumer is going to rescue the world,”
“Since October 2007, the Chinese shopper alone has been contributing more to global GDP growth than the American consumer,”
The BRIC economies are performing better overall than O’Neill forecast when he unveiled the term in a November 2001 report. He predicted they would account for 10 percent of global economic output by 2010. Already, they comprise more than 15 percent.
And if we can’t pay our credit card bills, Goldman Sachs will bail us out.
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