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Presently BRICS GDP equals that of half of the OECD. Brazil, Russia, India, China, South Africa are not included in the OECD club.
In the advanced economies, the CLIs continue to show signs of an improving economic outlook in most advanced economies, says a new study by the Organisation for Economic Cooperation and Development (OECD).
“The CLIs continue to point to economic growth firming in the United States and the United Kingdom and to growth above trend in Japan,” said the report.
The study also said “in the Euro Area as a whole, and in France and Italy, the CLIs continue to indicate a positive change in momentum. In Germany, the CLI shows signs of firming growth”. A study last month by the group had said that European banks have a combined capital shortfall of $115 billion.
The OECD had said last month that the “Russian economy is growing, but further reforms are needed to bolster future growth, improve the business climate and strengthen innovation”.
“The Russian economy is at a crossroads,” said OECD Secretary-General Angel Gurría. “It has tremendous potential but is still heavily reliant on volatile revenues from natural resources. It would do well to invest more in infrastructure, human capital and innovation, so that larger segments of society can partake in Russia’s transformation.”
The five BRICS countries will soon equal the wealthy 34-member OECD in terms of gross domestic product, forecasts predict.
“By the early 2030, combined GDP of BRICS, with the addition of Indonesia, should roughly equal that of the OECD,” the OECD said last year.