Richard Karn, Founder and Managing Director of The Emerging Trends Report said it was expected that China and the BRICs would have a period of slower growth.
“There’s a tremendous amount of discussion in the press about a “slow-down in China” and with the idea of China as well the BRICs, actually kind of levelling off,” he said in an interview with Symposium’s MD Kerry Stevenson ahead of his key note speech at next month’s Resources and Energy Symposium in Broken Hill.
“We need to remember, they’ve undergone a period of tremendous growth and now their economies are getting quite large. A slow-down is to be expected.”
Mr Karn said the N11 (Indonesia, Turkey, Nigeria, Pakistan, Vietnam, Mexico, Iran, Bangladesh, South Korea, Egypt and the Philippines)
“Those countries have very rapidly growing economies with large populations and their resource demand has been under the radar for some time, because everybody’s been focused on the slow-down in the US and the EU, and the increase or the growth in the BRIC countries. But these guys are going right along with them and they’re doing very, very well.”
He said this demand was supported by a recent paper released by Goldman Sachs which stated they expect this decade, from 2010 to 2019 to be the decade with the highest growth between 1980 and 2050, with global growth projected to be in excess of four per cent for this decade.
“Now with the US and the EU slowing down a bit - if not declining - and the BRICs plateauing at a higher and probably sustainable consumption level, these other countries are picking up the slack. And that demand is going to stay high by historical levels,” he said.
To view the full interview between Richard Karn and Kerry Stevenson, visit http://www.youtube.com/
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