The BRIC countries (Brazil, Russia, India and China) should no longer be seen as emerging markets, but as growth markets, according to Jim O’Neill, the chairman of Goldman Sachs Asset Management.

O’Neill told the Confederation of British Industry (CBI) conference this morning: “It is kind of ridiculous to be thinking of these countries as emerging markets in the traditional sense. It is not sensible in terms of business.”

O’Neill, who coined the phrase BRIC a decade ago, said the phrase he preferred was ‘growth markets’. In addition to the BRIC countries, O’Neill said the eight growth markets also included Mexico, Indonesia, South Korea and Turkey.

He said the opportunity for UK in the ‘growth markets’ was huge. In the next year, he said that China alone would grow by the equivalent of Italy, which is currently the world’s eight largest economy.

He said that the UK needed to accelerate its export performance to meet burgeoning demand from China, and the other ‘growth’ economies for goods and services.

For more on the recruitment industry in Brazil, see the upcoming issue of Recruiter magazine, 30 November.