It is the beginning of a new era. Globalization is taking place at an incredibly fast pace. The globe is integrated in terms of economics, politics, military and culture. The on-going financial crisis has demonstrated the level of integration of financial markets. …
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As the level of integration amongst the financial markets increases, it is critical for policy makers and global investors to understand the synergy between certain economies. This is important to adjust their portfolios and achieve proper diversification. In many ways, these are unprecedented times. The study and analysis of the relationship between the fastest emerging economies and the United States economy is gaining a lot of attention. The US economy dominates the global economic environment influencing industry trends and market behavior. However, the evolving economies of the BRIC countries have challenged the US economy and it is envisaged that the future holds immense potentials for growth and development in these countries. US trade relations and economic ties with these countries will play an important role in defining future prospects and economic potentials for both US and BRIC countries. The study evaluates the growing significance of the BRIC countries to the US economy and analyses the factors driving these economic indicators. “BRIC countries are expected to contribute one-third of the world's GDP increment in 2015, by which time their total economy will surpass America, according to a leading Chinese think tank” (Economic Times).
The countries of Brazil, Russia, India and China are the key emerging markets in the world economy. China and India represent for approximately 33% of the world’s total population. Both these countries have a high concentration of their population in the middle class who possess high purchasing power. The gross domestic product (GDP) rates in the BRIC countries are higher than those of developed countries (Desai, Acharya & DeKeizer). By 2025, it is estimated that BRICs will account for 50% of G6 countries. By 2045, the BRIC economies will take over that of G6 countries. By 2025, annual increase in dollar spending from BRICs would be twice G6 and four times by 2050 (Wilson). By 2033, it is estimated that India will have the third largest economy in the world after China and the United States. Among the BRICs, India will have the fastest growing economy. As a percentage of population, India will have highest working age population i.e. 15 to 60 years. In 2050, three of the largest four economies will be in Asia (Desai, Acharya & DeKeizer). The emerging markets provide a number of opportunities. They have the potential to have high growth rates. They have the capability to attract greater volume of foreign direct investments (FDIs). They make a huge amount of investment in infrastructure. The presence of a large middle class gives a boost to demand. There is an enormous supply of skilled and cheap labor. There is great opportunity for outsourcing work particularly in India. Emerging markets present even more opportunities in the form of disinvestment of public sector units (PSUs). There is large scale of mergers and acquisitions both domestically and globally. They are also fast in catching up with technological changes. These BRICs have a vast supply of agricultural and mineral resources. Their commodities markets are also growing rapidly (Desai, Acharya & DeKeizer). In demographic terms, BRIC consists of world’s two most populated countries and another two with sizeable populations. China has the world’s largest population accounting got one-fight of the total world population. India accounts for 17.5% of the world’
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