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BRICS to shape Africa´s development trajectory

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Tuesday, 27 March 2012

BRICS to shape Africa´s development trajectory

Standard Bank (SB) has named the BRICS, Asian and Middle Eastern countries as Africa's most prominent commercial partners. Simon Freemantle and Jeremy Stevens, economists from the SB, which is the African largest retail bank, classify Brazil, China, India, Russia and South Africa (BRICS), together with Indonesia, Nigeria, Saudi Arabia, Thailand and Turkey as the new emerging 10 (EM10) economies whose ties with Africa are shaping the continent’s development trajectory. They stress the significant role the EM10 is playing in shaping the international economic arena.
Half of the world’s population lives in the EM10 countries, which are benefit from the globe’s main trading routes. These experience a positive economic growth, while Europe and the US are battling recession. Moreover,  EM10 economies have, on average, expanded at twice the speed of global output; more than doubling their share of output to 23 percent from 10 percent and global trade to 20.8 percent from 11.2 percent.
If current growth trends are maintained, EM10 will lift combined output to US$26 trillion by 2015 from US$16.5t in 2011.

Source: The Southern Times