The rich west will hold out for a while, while the BRICS countries disappoint
Until recently, Brazil, Russia, India, China and South Africa were seen as having huge growth potential. These emerging economies will eventually break through to Western economic hegemony. But now there is calm around the very promising BRICS countries, he writes Robert de Witt†
Growing up prettier than he was in Durban, Shaun can’t imagine. He could surf all year round in the Indian Ocean, because in winter the temperature was also 20 degrees in this city on the east coast of South Africa. The backyard he grew up in was adjacent to a nature park where zebras roam and it was so safe that you could go everywhere by bike. But now, Shaun told the football cafeteria, everyone he knew since childhood has left because of the crime. He himself lives in Harlem, a sister lives in London, and his parents are in Australia.
Robert de Witt He is the editor-in-chief of EW† Writes a weekly column on global developments and their consequences for the Netherlands and Europe.
EWReporter Fred de Vries, who is still fond of South Africa, confirmed this photo of a failed government during a short visit to the Netherlands. He has written extensively about the permanent blackouts in this formerly promising African country. Because even twelve years ago, South Africa was still counted among the BRICS countries: emerging economies that would have huge growth potential and would eventually break through Western economic dominance.
The latter is perhaps more important than much in common between the BRICS countries. Fifteen years ago, all five had grown rapidly and were non-Westerners. Politically correct, each continent was represented by the BRICS nations: Brazil (B), Russia (R), India (I), China (C) and South Africa (S).
Except for India, the BRICS countries are not doing well anymore
There is now calm around this promising club. Because maybe except for India, things are not going well for them. Brazil is failing, plagued by corruption and a president who corrupts it. Russia plunged into economic isolation by Putin. Trouble looms even for China, the new superpower.
Over the years, China has achieved growth rates of 6 to 8 percent. As a result, it was hot in the wake of the United States, the world’s largest economy. But such numbers now seem out of reach and the government is setting fewer and fewer targets. Beijing is targeting 5.5 percent this year. It is still much higher than in the West, but the economies there are still more developed. The average Chinese earns five times as much as an American. The outlook is bleak.
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