Goldman Sachs Asset Management Chief Urges More Exposure to BRIC

Goldman Sachs Asset Management Chairman Jim O’Neill on Saturday urged investors to get more exposure “to the right set of forces that are shaping our world”—namely, the growth markets of the Brazil, Russia, India and China (BRIC) economies and some of the so-called Next 11.

Goldman Sachs has identified Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, South Korea, Turkey and Vietnam as the next 11 countries after the BRIC countries to show the greatest promise of ranking among the world’s largest economies in the 21st century.

In a written comment that highlighted the most striking anecdotes and observations that O’Neill has collected since Goldman Sachs Asset Management hosted its first Growth Market Summit on April 14, O’Neill talked about the possible development of a BRIC currency and the expanded use of BRIC currencies for bilateral trade.

At the same time that he noted BRIC’s growing strength, O’Neill remarked upon the recent threat from Standard & Poor’s to downgrade its rating on U.S. debt.