A former Goldman Sachs Asset Management Chairman,
"Some places in the emerging world have got some real problems, but that to be described as some kind of emerging-market crisis is frankly kind of ridiculous," O'Neill said in an interview on Bloomberg Radio.
He added: "We probably are closer to a good opportunity to buy some of these things rather than join in the panic."
Developing-nation stocks have retreated in four of the past five weeks on concern the global economic recovery will wane.
The MSCI Emerging Markets Index closed at a five-month low on Tuesday. The decline brought this year's slump to 8.5 per cent, the most in the same period since 2010.
The Federal Reserve's decision to trim an unprecedented bond-buying program is amplifying the sell-off in emerging-market assets, according to O'Neill. He identified
Tapering is "more problematic for emerging economics but affects everywhere. That shouldn't be confused with individual emerging countries having genuine problems," O'Neill added.
The economist who coined BRICs meaning
O'Neill recently said the Nigerian economy has the potential to grow between 10 and 12 per cent if the perennial power outage suffered in the country is sorted out. This, he insisted would double the size of the Nigerian economy in six or seven years. He had revealed that about 170 million Nigerians share the same amount of power that is used by about 1.5 million people in the
Most Popular Stories
- 5 Notable Hispanic Technology Executives
- Top Hispanic Tech Companies Push for the Top
- Rand Paul Tops Presidential Straw Poll at Conservative PAC Conference
- Tesla's Alt-Energy Future Aims for Massive Lithium-Ion Battery Production
- New Chat App, Yik Yak, Causes Problems for Students
- China Urges Malaysia Flight Emergency Response
- Gas Prices May Jump from Calif. Emissions Law
- Visa, MasterCard Team Up to Focus on Payment Security
- Russia, Crimea Discuss Referendum
- Obama Meets with Ukraine Prime Minister Wednesday