Acronym for a group of growing economies: Africa, Brazil, India, China and Indonesia.
published on: Schott's Vocab
Reporting for Time on this year’s Global Forum in South Africa, Michael Elliott commented on the fragile economic recovery taking place in the developed economies of the Atlantic region, and spotlighted the “tremendous” performance of “what we will soon have to stop calling the developing world”:China grew by 8.7% in 2009, according to official figures. India showed excellent growth too, and even in Africa — so long dismissed by seers as an underperformer – growth hit 2% before the recession took hold, which followed years when the continent was growing at the historically robust rate of 6% or more.This isn’t simply a function of the famous BRICs – Brazil, Russia, India and China – setting the pace. Indeed, as veteran global economist Kenneth Courtis of Themes Investment Management pointed out, Russia has fallen out of the club of most-favored developing economies, having been unable (so far) to use its endowment of natural resources to build truly world-class companies. With Indonesia increasingly catching the attention of business leaders, and Africa too, it might be time to try a new acronym: ABICI, for Africa, Brazil, India, China and Indonesia. Whatever you call them, the performance of the leading economies of the developing world has been sufficiently robust that political leaders like Rob Davies, South Africa’s Minister for Trade and Industry, were able to trumpet the potential of south-south trade – while acknowledging that even the best-performing southern economies had been hurt by the continuing weakness in the rich world.