Five of the 20 projected fastest-growing countries last year were in Africa, including Ghana at 13.5 percent; Eritrea at 8.2 percent; Ethiopia at 7.5 percent; and Mozambique at 7.2 percent, the International Monetary Fund said.
O’Neill said non-BRICs emerging markets need to improve performance in economic policy, education and technology to sustain their strong growth.
The Goldman Sachs N-11 Equity Fund has lost 10.7 percent since inception on Feb. 28 while the Goldman Sachs BRIC Fund lost 24.3 percent. The Standard and Poor’s 500 Index (SPX) lost 5.3 percent in the same period.
Even as the BRICs slow, they may still outpace the developed world over the coming decades, enabling their share of global GDP to rise to almost 40 percent by 2050, Goldman estimates.
O’Neill’s book “The Growth Map,” published last month, says the group still has “rosy prospects.” He estimates that even with slower growth, the BRICs economies will collectively be bigger than the U.S. by 2015.