Jim O'Neill was speaking in Dubai on the day the European Central Bank unveiled its €500 billion (Dh2.42 trillion) "bazooka" to help to resolve the euro-zone crisis.
But he believes that the machinations of the European financial elite are of secondary importance in the big global picture.
"Europe is still not the world," he said, describing the problems of the Greek economy as a "never-ending nonsense".
"Market participants and media have some sort of obsessive mindset about Greece," he said. "The euro zone will go up and down, as will the euro. However, people shouldn't exaggerate its importance.
"In 2012, the combined GDP of the Bric countries will increase by US$2tn [Dh7.34tn] - close to creating another economy the size of Italy.
"China creates the equivalent of another Greece every 12 weeks or so. This decade, the countries we have identified as growth economies- the Bric countries plus Mexico, South Korea, Turkey and Indonesia - will add $15tn-$16tn to global GDP, more than double that of the USA and Europe combined," he estimated.
But Mr O'Neill recognised that the euro-zone authorities have taken positive action over the past couple of months to defuse the crisis. "What is key is that the ECB [European Central Bank] and other policymakers protect the downside risks from getting worse, and they have done this so far.
"Then it becomes an overhyped story."
Does he believe the notion that it is up to the fast-growing economies of Asia to pull the developed world out its economic problems?
"Asia and the other growth-market economies will contribute to global growth, and continuing on this growth trajectory is what the Bric countries can do to help the world," he said. "In the developed world, Germany is the model for the rest of them. It has the lowest unemployment for 20 years and it already exports more to the Bric countries than it does to France," he added.
* Frank Kane
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Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Meatless Days
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Penguin
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Fifa World Cup Qatar 2022
First match: November 20
Final 16 round: December 3 to 6
Quarter-finals: December 9 and 10
Semi-finals: December 13 and 14
Final: December 18
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Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
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Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
SPEC SHEET: SAMSUNG GALAXY Z FLIP5
Display: Main – 6.7" FHD+ Dynamic Amoled 2X, 2640 x 1080, 22:9, 425ppi, HDR10+, up to 120Hz; cover – 3/4" Super Amoled, 720 x 748, 306ppi
Processor: Qualcomm Snapdragon 8 Gen 2, 4nm, octa-core; Adreno 740 GPU
Memory: 8GB
Capacity: 256/512GB
Platform: Android 13, One UI 5.1.1
Main camera: Dual 12MP ultra-wide (f/2.2) + 12MP wide (f/1.8), OIS
Video: 4K@30/60fps, full-HD@60/240fps, HD@960fps
Front camera: 10MP (f/2.2)
Battery: 3700mAh, 25W fast charging, 15W wireless, 4.5W reverse wireless
Connectivity: 5G; Wi-Fi, Bluetooth 5.3, NFC (Samsung Pay)
I/O: USB-C
Cards: Nano-SIM + eSIM; no microSD slot
Colours: Cream, graphite, lavender, mint; Samsung.com exclusives – blue, grey, green, yellow
In the box: Flip 4, USB-C-to-USB-C cable
Price: Dh3,899 / Dh4,349
MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)