NY Fed Official: Monitor, Don't Panic Over BRICs

Despite growing whispers of concern over asset bubbles and inflation, a member of the of the Federal Reserve Bank of New York has retained an optimistic view regarding the BRICs Nations and their economic prospects.

Matthew Higgins, vice president of the Federal Reserve Bank of New York told NACM there has been a commodities-fueled inflation problem brewing within some of the emerging economies. However, such issues have started to ease somewhat in places like Brazil and India, among others. Higgins, who is the featured speaker at FCIB’s New York International Roundtable event on Sept. 21, noted the situations there and in Brazil, as three of the hottest economies in the world, obviously are worth watching, but there is little reason for businesses involved in global trade to have deep concern or panic at this time.

“All of the emerging economies are navigating a fairly difficult global environment,” said Higgins. “Those examples have been the most dynamic part of the global economy, and most observers think that is going to continue. Even in a rather troubled global economic environment, the projections are for good growth.”

Higgins also weiged in on the ongoing situation with three languishing free-trade agreements involving the United States. He said the agreements -- with Columbia, Panama, and South Korea -- would be helpful to U.S.-based exporters, but "nothing is a panacea. He noted that exporting still accounts for little more than 10% of the economy.

For more information or to register for the FCIB New York International Roundtable event at which Higgins is speaking next week, visit FCIB's webpage at

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www.fcibglobal.com or by clicking here.

Brian Shappell, NACM staff writer

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