{"id":32989,"date":"2010-10-23T12:53:25","date_gmt":"2010-10-23T12:53:25","guid":{"rendered":"http:\/\/beta.tehelka.com\/?p=32989"},"modified":"2010-10-23T12:53:25","modified_gmt":"2010-10-23T12:53:25","slug":"bric-is-a-thing-of-the-past-all-eyes-are-now-on-civits","status":"publish","type":"post","link":"https:\/\/tehelka.com\/bric-is-a-thing-of-the-past-all-eyes-are-now-on-civits\/","title":{"rendered":"BRIC is a thing of the past.  All eyes are now on Civits"},"content":{"rendered":"<p>By\u00a0<strong>Abhishek Anand<\/strong><br \/>\n<figure id=\"attachment_32990\" aria-describedby=\"caption-attachment-32990\" style=\"width: 200px\" class=\"wp-caption alignright\"><a href=\"http:\/\/www.tehelka.com\/wp-content\/uploads\/2012\/08\/CIVITS.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-32990\" title=\"\" src=\"http:\/\/www.tehelka.com\/wp-content\/uploads\/2012\/08\/CIVITS.jpg\" alt=\"\" width=\"200\" height=\"182\" \/><\/a><figcaption id=\"caption-attachment-32990\" class=\"wp-caption-text\">Illustration: Naorem Ashish<\/figcaption><\/figure><br \/>\n<strong>CIVITS\u00a0<\/strong>(China, India, Vietnam, Indonesia, Turkey and South Africa) are fast emerging as the new global poster boys, and might well leave BRIC \u2014 the term coined by Goldman Sachs economist Jim O\u2019Neill for the Brazil, Russia, India and China combine \u2013 way behind. What\u2019s taken CIVITS ahead of BRIC are basically two factors: the huge domestic demand in South Africa and Indonesia, and the emergence of Vietnam and Turkey as the new investment destinations.<br \/>\n\u201cAll four are growing rapidly and promise a sound economic future; whereas Russia and Brazil have failed to live up to their earlier promise. It\u2019s thus no surprise that they are being replaced,\u201d says Suresh Tendulkar, senior economist and former chairman of the Prime Minister\u2019s Economic Advisory Council.<br \/>\nAfter O\u2019Neill\u2019s coinage, BRIC became virtually a paradigm to measure the increasing transfer of economic power from developed nations to emerging markets. But now, it\u2019s CIVITS that is being most closely wooed and watched. For instance, in the past year, both India and China grew rapidly despite the global slowdown. The Indian economy grew at a healthy 8.8 percent during the first quarter (April-June) this fiscal. And the Reserve Bank of India estimate suggests it is likely to grow at 8.5 percent through 2010-11. China is poised to grow even faster. During the second quarter, its economy grew 10.3 percent.<br \/>\nThe Indonesian economy too saw 6.2 percent growth during the second quarter of the current fiscal; it was 5.7 percent during the first. On the other hand, the Russian economy grew by just 3.1 percent during the first quarter of this year.<br \/>\nBut, considering that second quarter gross domestic product growth was just 1.2 percent in the UK and 1.7 percent in the US, some economists are completely unwilling to buy the line that CIVITS will necessarily beat Russia and Brazil. \u201cThe long-term prospects of the Russian economy look good, and Brazil\u2019s too is growing at a comfortable pace,\u201d believes DK Joshi, chief economist at credit rating agency CRISIL Ltd, the Indian arm of Standard and Poor\u2019s.<br \/>\nAccording to him, removing Russia and Brazil from the watch list is as premature as it is off beam.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s taken CIVITS ahead of BRIC are basically two factors: the huge domestic demand in South Africa and Indonesia, and the emergence of Vietnam and Turkey as the new investment destinations<\/p>\n","protected":false},"author":71,"featured_media":32994,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[56],"tags":[6578,6634,666,6635,6636,574,6637,5271,6617,6638,767,5966],"_links":{"self":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/32989"}],"collection":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/users\/71"}],"replies":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/comments?post=32989"}],"version-history":[{"count":0,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/32989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/"}],"wp:attachment":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media?parent=32989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/categories?post=32989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/tags?post=32989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}