PTI reported that with major developed economies such as the US, Japan and the Euro zone falling into recession, the emerging BRIC nations need to grow at 10% in 2009 to stave off a global recession.

According to a latest report by brokerage firm Enam Securities, if the US, EU and Japan witness a two per cent negative growth this year and the rest of the world's growth remains static, than the emerging markets would have to spur up their GDP growths to avoid a global downturn.

The Enam report said that "Brazil, Russia, India and China will have to grow at 10% in 2009 in order to avert a global recession."

Other experts added that the major developed economies would go through a phase of extended recession over the next 9 to 12 months, with their borrowing and overall debt increasing to unsustainable levels.

With the recent fundamental shift of power and economic wealth from west to east, it has become important for emerging countries, especially in Asia and Africa, to grow and lift global economy from recession.

Global capital markets and derivatives expert and associate partner at IBM Mayank H Shah said that "World recession will be averted or will change primarily due to two factors, emerging economies' growth and investment in next generation innovations."

However, the US, European Union and Japan account for 64%, while BRIC nations contribute about 13% to global GDP.

According to the World Bank report, world's GDP, at the end of 2007 was USD 54 trillion, while BRIC nations combined GDP was USD 7 trillion.

(Sourced from Press Trust of India)