"IT HAS been ten years since Goldman Sachs published "Dreaming with BRICs", their first audacious attempt to project the growth of Brazil, Russia, India and China out as far as 2050. The BRICs term has prospered: it is possibly the most successful acronym ever to emerge from the desk of an investment banker. But the economies it describes have lost some of their cachet. As China has slowed and the other three countries have stumbled, the BRICs thesis has attracted a growing backlash. In the new issue of Foreign Affairs, Ruchir Sharma of Morgan Stanley declares that "the BRICs are crumbling" and that all the acronyms seem "woefully out of date".
The backlash is not without foundation. Growth in the biggest emerging economies has disappointed the high expectations generated by their swift rebound from the 2008 financial crisis. In July 2012, we noted that a dream decade was ending badly for the emerging economies.
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