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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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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%3Cp%3EThe%20Zayed%20Centre%20for%20Research%20is%20a%20partnership%20between%20Great%20Ormond%20Street%20Hospital%2C%20University%20College%20London%20and%20Great%20Ormond%20Street%20Hospital%20Children%E2%80%99s%20Charity%20and%20was%20made%20possible%20thanks%20to%20a%20generous%20%C2%A360%20million%20gift%20in%202014%20from%20Sheikha%20Fatima%20bint%20Mubarak%2C%20Chairwoman%20of%20the%20General%20Women's%20Union%2C%20President%20of%20the%20Supreme%20Council%20for%20Motherhood%20and%20Childhood%2C%20and%20Supreme%20Chairwoman%20of%20the%20Family%20Development%20Foundation.%3C%2Fp%3E%0A
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5