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BRICS economies grappling with mid-life crisis: Roubini

Jan 26 2014, 04:07 IST
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SummaryThe BRICS economies are in the midst of a mid-life crisis as a combination of factors....

The BRICS economies are in the midst of a mid-life crisis as a combination of factors, including the failure to implement second-generation structural reforms and their move towards a growth-regime based on state capitalism, says American economist Nouriel Roubini. “Are the BRICS (Brazil, Russia, India, China and, its most recent member, South Africa) in the midst of a mid-life crisis? Based on recent data, this would appear to be the case,” said Roubini, who anticipated the collapse of the US housing market and the global recession which started in 2008.

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