This paper will discuss the economies of BRICS countries in detail as well as the factors that have propelled their growth to international recognition while describing the forces, both internal and external, that influenced organizational success in these countries…
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The paper tells that the emergence and importance of the BRICS in international business is a reality that for years had been underestimated. The BRICS nations have important roles to play in international business as players and partners. It is, however, paramount that we first understand the term BRICS, before we can give a detailed description of each country’s economy. The word BRICS is an acronym for the world’s largest and strongest emerging economies. These countries are Brazil, Russia, India, China, and South Africa. They are now considered as significant as other global players are and have consequently shifted economic status, from developing to emerging economies. This is because of the rapid and exponential growth that is witnessed in these economies, with statistics indicating that their contribution to the growth of the world’s Gross Domestic Product (GDP) being very significant. In the past decade, the BRICS contributed to more than half of the world’s growth in GDP. The population of these economies has also been singled out as a unique feature. These economies alone constitute half, or a little under half, of the world’s population. Analysts have however pointed to the fact that these economies rarely have anything in common. Their demographic compositions, governance styles, and type of economies, are all different. They may have one or two similarities in their economies but have very little in common. This is the beauty that has been associated with these economies, that despite having very little to share, they each have independently affected global business in ways that are not only noticeable but also strongly profound and significant. These impacts to international business include increased trade levels, increased funding of development or development financing, and donor funding, earlier only a preserve of the western countries. Having looked at the economies forming the BRICS in general, let us now examine them individually.
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