Economies still strong :BRICS

DAVOS, Jan 24 : Ministers from the BRICS econo mies defended their growth prospects on Thursday despite waves of turbulence caused by the tightening of monetary stimulus in the US and concerns about a potential cash crunch in China. "I still believe that the BRICS will continue to lead the global economy," said Guido Mantega, the Brazilian finance minister, while discussing the state of the world's emerging powerhouses at the Davos World Economic Forum. BRICS is the acronym used to group the emerging players Brazil, Russia, India, China and South Africa. Their economies were thrown into disarray last May when the US Federal Reserve warned it may turn off the taps of easy money that had shifted foreign investment to the developing world in search for better returns.     — AFP