The recent slowdown in the major BRIC economies has been driven largely by structural factors, meaning that a new wave of reforms is needed if they are to regain their vigour. But, as things stand, the likelihood of a big shift in policy over the coming years looks slim. So far, only China has announced the type of comprehensive reform package that is now needed and, even if this is fully implemented, the best outcome will be that it prevents growth from slowing much further.
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