You know the script by now: the world’s economy is being built by the BRICs. It has been the standard analysis for more than a decade, but flailing western countries have come to place evermore trust in the enterprise of Brazil, Russia, India and China. But have expectations become excessive? Ruchir Sharma, author of a new book called Breakout Nations, believes so. He argues that the last decade was exceptional and that we need to recalibrate our approach to emerging markets. He identifies a number of nations which are ripe to breakout in the next few years, including Indonesia and Nigeria.
His economic case is compelling, but its political underpinnings are shaky at times.
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