Bye bye, Japan

February 26, 2009

Goldman Sachs has long been a keen advocate of the BRICs — Brazil, Russia, India and China — as a new power tool for world growth. Indeed, it is credited with coining the phrase.

In a note, the firm says that even though the group is being hit differently by the global slowdown — Russia suffering most,  India least — a uniform drive from the four will return as soon as the cycle starts to turn.

It is predicting big things as early as next year.  It says China’s economy is already the third largest in the world and it sees it eclipsing current No. 2  Japan as early as 2010. Furthermore, as a group, the four countries are set to be dominant.

“Our long-term projections envisage the BRICs as an aggregate surpassing the G7 by 2035,” it says.

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