You know the concept of globalization is not some temporary phenomenon that got great press during the great global boom of 2003-2007 when the first ever BRIC summit happened today and world policy was discussed. To put into perspective, the cumulative GDP of Brazil, Russia, India and China is about $7 trillion, half the size of the US but we know that its emerging economies that hold the key to future global growth as 86% of the world’s population live in the developing world. The FUJUG countries, France, US, Japan, UK and Germany will continue to struggle with highly leveraged institutions, whether at the consumer, corporate (particularly the banking sector), and government levels but at the same time will depend highly and hopefully will capitalize on the growth and vitality of faster growing emerging markets.
BRIC vs FUJUG
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