By Pepe Escobar
Goldman Sachs – via economist Jim O’Neill – invented the concept of a rising new bloc on the planet: BRICS (Brazil, Russia, India, China, South Africa). Some cynics couldn’t help calling it the “Bloody Ridiculous Investment Concept.”
Not really. Goldman now expects the BRICS countries to account for almost 40% of global gross domestic product (GDP) by 2050, and to include four of the world’s top five economies.
Soon, in fact, that acronym may have to expand to include Turkey, Indonesia, South Korea and, yes, nuclear Iran: BRIIICTSS? Despite its well-known problems as a nation under economic siege, Iran is also motoring along as part of the N-11, yet another distilled concept. (It stands for the next 11 emerging economies.)