Global power shift to the Bric nations?
In a direct affront to the International Monetary Fund and the World Bank – the BRIC nations – Brazil, Russia, India, China, and South Africa – are floating the idea of setting up their own multilateral bank – funded by these developing nations to help finance projects within their own nations. According to IMF projections – BRIC nations are set to see strong economic growth this year – while most of the Western World stagnates. For example – the US economy is expected to grow by less than 2% in 2012 - while the austerity-driven Eurozone is expected to actually contract by a half-percent. On the other hand – BRIC nations like India and China are looking at growth rates of 7% and 8% respectively.