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The data show that the EB 5 economies (Germany, the UK, France, Italy and Spain) have lost considerable ground in their share of world economic presence. Nonetheless, when we desegregate the data, we discover a number of peculiarities. The BRICS (Brazil, Russia, India, China and South Africa) have closed the gap with the EB5 much more than the N11 (Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam) have done, making the BRICS more interesting to analyse. Furthermore, within the BRICS, the out-performer (and hence outlier) is China; thus it could be argued that the rise of the rest might be better described as the rise of China. Interestingly, in recent years India has also performed well, and it could potentially become the new star of the BRICS. Russia, by contrast, has reached a plateau and might even reverse its gains. (Art. « The rise of Chemany »)
Article written by Miguel Otero-Iglesias, Senior Analyst in International Political Economy at the Elcano Royal Institute and published in the Eurasia Review.
The whole article is available hereunder :
http://www.eurasiareview.com/24102015-the-rise-of-chermany-germany-and-china-the-big-winners-in-economic-globalisation-analysis/
December 13th, 2016
