BRICS Bank Could Become Future World Bank: Goldman Sachs

Thursday, 28 March 2013, 05:46 Hrs
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Beijing: The BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said.

"If, in fact, the BRICS bank is announced, this will be the beginning of an institution that sort of becomes a World Bank for their huge sphere of influence," Jim O'Neill told state-run China Daily.

BRICS, originally was named 'BRIC' by O'Neill in 2001 before the inclusion of South Africa in 2010.

The bank could be helpful in promoting BRICS (Brazil, Russia, India, China and South Africa) countries' trade, he said, stressing that the new group's economic achievements are much bigger than political.

With respect to economics, he said, BRICS countries except South Africa have become much bigger much more quickly than he expected, even if they have lost some momentum in the past 12 months.

He said the BRICS countries achievements were "remarkable" as their collective GDP in 2011 increased by around USD 2.3 trillion, which is equivalent to the size of Italy's GDP.

"By 2015, if not before, the combined size of the BRICS economies seems highly likely to become as big as the U.S. and they are set to become as big as the G7, as we assume, by 2027," O'Neill said.

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Source: PTI
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