|Posted on September 24, 2016 at 10:30 AM|
The "BRIC" (Brazil, Russia, India and China) index of markets has outlived its usefulness, according to a report by Ogilvy and Mather.
The report highlights a shift to South Asia as the epicentre of future economic growth, as indicated by middle class consumer growth. The report states that the middle class across countries including China, India, Indonesia, Vietnam, the Philippines, Myanmar, Pakistan and Bangladesh, will grow by 1 billion people over the next decade.
The implications for Australia in terms of trade and investment are profound, as Australia is part of the same geographic region as this epicentre of middle class consumer growth. Australian business therefore needs to become aware of not only this shift in patterns of global economic growth, but also of the sheer scale of this market growth.