Jim O’Neill, the Goldman Sachs economist who coined the BRICS acronym in 2001, regrets that Western nations failed to seize growth opportunities and build deeper partnerships with emerging economies. According to figures compiled by Fulcrum Asset Management, cumulative per capita growth since 2000 reached 554% for China and 246% for India, compared to just 45% for the United States, 30% for Europe and 29% for the United Kingdom. O’Neill believes India has a demographic wind in its sails allowing it to grow 7 to 8% annually for 15 to 20 years, potentially reaching 10% with structural reforms. He sharply criticizes Europe for complacency and protectionism, noting that the G7 still excludes both China and India twenty-five years after his original predictions.
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