The Fragile Five, or the Fragile Five Biits, is a term coined in 2013 to refer to Brazil, Indonesia, India, Turkey and South Africa. There was some fear at the time that the difficulties being experienced by these five emerging economies, especially with their currencies, could trigger a generalised crisis in the same way that Thailand triggered a global crisis in 1997.
Fragile Five in the news
In August 2013 an FT writer concluded that although the Fragile Five collectively accounted for about 7 per cent of global GDP, exposure of other countries was geographically limited. Latin American countries were exposed to Brazil and countries of the Gulf were exposed to India and Turkey, but unless speculators lost their cool there was no need for widespread contagion.
In October 2013, a blogger asked if the Fragile Five were really that fragile. It referred a new Index published by Nomura that showed that the currencies of Ukraine and Serbia were at greater risk.