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Africa as a BRIC

Shanta Devarajan's picture

My colleague and good friend, Ngozi Okonjo-Iweala, gave an inspiring speech at Harvard where she described Africa as the next BRIC (Brazil, Russia, India and China).  Everything she says in the speech is music to my ears (confession—I provided some background materials to her staff)—that Africa’s growth prospects are strong, that reforms seem to have taken hold—and her idea of African Development Bonds is innovative and worthy of discussion.
 
My only concern is the labeling of Africa as the next BRIC.  First, Africa is not a country, whereas each of the BRICs is.  Africa is 47 countries, some of which are quite small (20 countries have populations less than 5 million).  The distinguishing feature of the BRICs is that they are both middle-income and large.  So it’s not clear how any individual African country can aspire to being a BRIC. Countries such as Malaysia or Chile may be more appropriate models for most African countries.