the acronym “BRIC” to designate the four huge, emerging economiesof Brazil, Russ
ID: 1203711 • Letter: T
Question
the acronym “BRIC” to designate the four huge, emerging economiesof Brazil, Russia, India and China. All of these countries are very large in terms of both population and geography. All have substantial resources to leverage for growth. These are not impoverished, dependent“third world” countries. So, if they are “emerging”
(1) what are they emerging from? Said another way, what kept these countries from achieving the success they have enjoyed over much of the last decade?
(2) are all of these countries doing as welltodayas they were expected to 10-15 years ago? If not
(3) why?
Explanation / Answer
1) BRIC countries are emerging economies. But all BRIC countries are not equal when it comes to the performace. Russia is regarded as the relatively developed. China is fast moving ahead. While India is also doing pretty well in service sector. All these countries are specialised in varied areas. These economies are emerging from the low level of development to high level of development, and are emerging as the highly sought after countries for investment purposes.
2) All BRIC countries are not performing well as was expected 10-15 years back. China has cloaked less than 10 % growth rate in last two decades. Russia is also not performing well. It is only india that is performing well.
3) Russia was hard hit by the low oil prices and economic embargo announced by the western countries. Further, china export has fallen drastically and it has devalued its currency to cope up with slow down.
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