Date Added: May 2011
As O'Neill predicted the BRICs countries showed relatively rapid growth in the 2000's despite the global financial shock. Surprisingly, Russia was unscathed by the Dutch disease. Some BRICs countries were strongly affected by trading gains. About one half of the Russian growth can be explained by this impact. About 20 percent of the Brazilian growth can also be explained in the same way. India and China showed large impacts per unit of changes in trading gains on their growth as is shown by the values of elasticity of GDP with respect to changes in trading gains.