BRICs Inventor Says G-7 ‘Irrelevant’ Because China and India Are Left Out
- O’Neill created BRIC acronym for Brazil, Russia, India, China
- Says EU members of G-7 should get just one delegation
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Donald Trump was right to call for a shakeup in the Group of Seven membership. He just picked the wrong emerging market to add, according to Jim O’Neill.
The former chairman of Goldman Sachs Asset Management, who famously coined the “BRICs” in 2001 to refer to the fastest growing emerging markets, said the G-7 can’t be taken seriously when it excludes China, whose economy is set to overtake the euro zone this year, and India, whose gross domestic product already eclipses Italy’s.