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BRICS to equal wealthy OECD in GDP
May 30, 2013, 6:08 am

BRICS flags flying high in Durban during the 5th BRICS Summit.

BRICS flags flying high in Durban during the 5th BRICS Summit

The five BRICS countries will soon equal the wealthy 34-member OECD in terms of gross domestic product.

“By the early 2030, combined GDP of BRICS, with the addition of Indonesia, should roughly equal that of the OECD,” the Paris-based think tank said in its new economic outlook.

This is based on purchasing power parity terms.

Presently BRICS GDP equals that of half of the OECD.

“In terms of geographical distribution, there will be a big shift in the share of world GDP accounted for by Asia at the expense of both North America and Europe…,” OECD said in its half-yearly forecast.

The eurozone economy should be down 0.6 per cent this year and up only 1.1 per cent in 2014, according to the organisation.

The OECD said that the euro will remain a danger for the world economy if the current recession persisted.

“In the euro area, still-rising unemployment is the most pressing challenge for policymakers,” said Pier Carlo Padoan, OECD chief economist.

The OECD as a whole is expected to grow by just 1.2 per cent in 2013 and 2.3 per cent in 2014, with unemployment falling from 8.1 to 8 per cent over the two-year period.

Brazil, Russia, India, China, South Africa are not included in the OECD club.

The BRICS Post

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