Brazil’s economy will grow by a higher-than expected 6.4% this year, said Jim O’Neill, chief economist at Goldman Sachs Group Inc (NYSE: GS).
O’Neill recently said at a conference in Rio de Janeiro that “We are very optimistic for the cycle of the BRIC economies in the next couple of years.”
The term “BRIC” countries generally refer to Brazil, Russia, India and China, much how Portugal, Italy, Ireland, Greece, and Spain have recently earned the name of the “PIIGS” countries. O’Neill coined the term BRICs in 2001 to describe the fastest-growing economies of the time.
O’Neill believes that the BRIC countries will grow by 9.3% this year and 8.7% in 2011.
