Many people assume that if the Brics had a fifth member, it would be South Africa. Even the Brics themselves seem to think so: last month they agreed to invite the country to one of their summits in China this year.
According to Spanish bank BBVA, however, Egypt would be a far better candidate for Bric status. Egypt is expected not only to grow faster than South Africa over the next 10 years, but to overtake it as Africa’s largest economy as soon as 2013.
According to BBVA, South Africa is set to expand at around 4 per cent a year between now and 2020 – similar to its growth rate over the past decade – accounting for 0.7 per cent of global demand over the period.
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