Brazilian economy growing in influence, says expert

An expert in economics has claimed that Brazil's influence as an emerging global economy is set to increase significantly over the next few years.

Writing in the Financial Times this week, Jim O'Neill of Goldman Sachs states that the Bric economies - Brazil, Russia, India and China - could account for 20% of global GDP by the end of the decade.

He notes that this figure is "dramatically higher" than initial estimates made for the performance of Bric when the term was first introduced in 2001.

According to Mr O'Neill, who is head of global economic research at Goldman Sachs, the Bric economies are well-equipped to survive the global recession and will continue to develop rapidly.

He adds: "The notion that the Brics can become collectively bigger than the G7 by 2035 is becoming more plausible."

The G7 consists of Canada, France, Germany, Italy, Japan, the UK and the US.

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