With developed economies mired in debt, the ability of the Brics (Brazil, Russia, India and China) to drive the global economic engine is increasingly in doubt. China's growth has slowed to its lowest rate in three years. Brazil's growth is down below 3 per cent from about 7.5 per cent. Russia is heavily dependent on oil and energy prices, which are falling. India has stalled, leading cynics to state that "I" was probably meant to be Indonesia.