BRICS slowdown not a concern, India and China growing steadily: OECD

OECD's Federico Bonaglia said Russia is expected to come out of the recession and reach a growth rate around 1.4 percent.

Asserting that the slowdown in the growth of the BRICS economies is not much of a concern, deputy director of Organization for Economic Cooperation and Development Federico Bonaglia has said China and India continue to maintain a very sustained growth.

Bonaglia said both Russia and Brazil are expected to catch up on growth next year, Xinhua news reported.

The report said that China and India are projected to expand their GDP by more than 6 percent.

On Brazil's economy shrinking by 3.6 percent in 2016 as compared to 4 percent in 2015, Bonaglia told Xinhua News, "The good news is that it is expected to return to a positive growth in 2017 and it will reach a growth rate between 1.5-1.6 percent in 2018."

He said that Russia is expected to come out of the recession and reach a growth rate around 1.4 percent.

From being 40 percent of the world's GDP in 2000, the BRICS represented more than 50 percent in 2010, while it represents 54.7 percent of world GDP now.

He, however, also noted that the BRICS are facing challenges in terms of productivity growth and innovation.

OneIndia News