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This is apropos a Business Recorder op-ed "Merit must prevail" carried by the newspaper yesterday. The writer, Farhat Ali, has argued, among other things, that "all emerging markets have immensely invested in developing a professional cadre of state functionaries, and in the process achieved economic excellence, much to the advantage of the political leadership."
This argument, however, completely ignores Brazil, one of the key members of BRICS. Brazil is the seventh largest economy in the world and the largest economy in Latin America. A decade ago, Brazil was a poster child for 'emerging market' countries. It is caught in a harsh slump and faces a profound political crisis.

Copyright Business Recorder, 2016

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