Rate this paper
  • Currently rating
  • 1
  • 2
  • 3
  • 4
  • 5
4.50 / 8
Paper Topic:

BRIC countries

BRIC Countries 1

Running Head : BRIC Countries

The Emerging Countries of Brazil , Russia , India , and China

Name

Institution

Professor

Subject

BRIC Countries 2

Abstract

The emergence of Brazil , Russia , India , and China (known as BRIC countries ) have paved the way for the development of new growth areas outside of the United States . It is estimated that by 2050 , these countries would be among the leading economies in the world

This will delve on the major developments that took place in BRIC countries which makes it a

potential growth sector

BRIC Countries 3

The Emerging Countries of Brazil , Russia , India , and China

Introduction

While the United States and Japan still remains as an economic powerhouse , countries like Brazil , Russia , India , and China collectively known as the BRIC countries , are seemingly headed for that same route

According to a thesis published by Goldman Sachs Investment Bank , the economy of these four countries are slowly improving and is likely to surpass the existing developed countries in the world by 2050 . Aside from these four , there are other emerging markets namely BRIMC (including Mexico , BRICS (with South Africa , BRICA (the four countries and Arab nations like Saudi Arabia , Kuwait , UAE , Qatar , and Bahrain and BICET ( with Eastern Europe as well as Turkey (Prado , 2008

The Global Outlook

Jim O 'Neill , who was the economist who proposed the thesis , forecasted that come 2050 , the BRIC countries would have constituted more than 39 percent of world population and generated a collective GDP of 15 .43 trillion . At present , they only account for 15 percent of the world 's gross national product (GNP ) compared to that of the six industrialized economies of the US , Germany , Japan , France , Italy , and Britain However , it is predicted that despite their growing population , the BRIC countries would overtake these countries and become the leading countries as far as increasing growth and spending ability is concerned (Prado , 2008

BRIC Countries 4

Although not regarded as a political alliance (like the EU ) or formal trading blocs such as the ASEAN , the BRIC countries have made great strides in strengthening their cooperation , in to influence the stand of the United States on major trade treaties , such as the proposed nuclear partnership with India (Prado , 2008

Despite of their cultural and political variations , the BRIC countries have shifted their political system in to be globally competitive in a capitalist world (Prado , 2008

A Second Goldman Sachs Report

In 2004 , Goldman Sachs published a follow-up to its first BRIC research . In the second report , it was found out that people who have a yearly income of more than the 3 ,000 threshold will be twice as much in a span of three years and 800 million in ten years . This shows that there is huge increase in the amount of middle class in these states

By 2025 , according to the second report , the number of people with an income of more than 15 ,000 would surpass the 200 million mark (Prado 2008

However...

Not the Essay You're looking for? Get a custom essay (only for $12.99)