Building Britain with BRICS
With Britain heading for a triple dip recession, we take a look at new markets to try and help turn it around.
This week the leaders of the world largest economies, aka the 'G8' gathered in the Swiss mountain resort of Davos, to discuss their economic woes, set world policy and share a Glühwein.
Here at Buy British however, our efforts here are firmly focused on bringing your attention to two of the other two real 'G8' countries who are not part of this cosy club. In fact these are two countries that have seen stellar growth over the past few years which have now earned them a place as members in the top eight of world economies, for now their place at the real G8 table has yet to be set.
A quick look at the G8 members ranked by GDP tells the story clearly:
|Not G8 members|
We are, as you must have guessed, talking about China, Brazil and India. Whilst the UK economy officially shrank by 0.3% in the last three months of 2012, China has been growing at around 8% , Brazil around 2% and just outside in 9th place is India, growing at around 6% a quarter. Together with the Russian federation these are known as the ‘BRIC’ countries.
In reality as a country we have been in recession since 2008, albeit not a ‘technical’ one. Statistics are very subjective and in our book growth of less than 1% is no growth, well at least not that you want to be shouting about anyhow.
It seems not a week goes by at the moment without another high street chain store turning off the lights. Their local market and demand for products fell and they couldn’t meet their staff and rental costs. So manufacturers and retailers of Britain, the world has changed!, we ask you to look further afield for new markets. China and India, each with a population of over 1billion people are the new frontier, there are new markets for the taking and they love and want to Buy British. Whilst Europe continues to struggle, turning your head east may be your best move yet and if you’re looking to build your business this year we suggest using BRIC's as well as bricks.