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BRIC Economies and Its Implications in Organizations - Essay Example

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BRIC is basically an acronym that clubs four countries Brazil, Russia, India and China. This acronym was introduced by O’Neill (2001) in a paper named "Building Better Global Economic BRICs" . The term referring to these four countries is also known as “Big Four”…
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BRIC Economies and Its Implications in Organizations
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Download file to see previous pages In 2010 South Africa was also included in this group and the acronym is now known as BRICS. It has captured major attention of political leaders, scientists and also the economists (California State Assembly, 2010). The BRICS nations are growing rapidly with a systematic growth embracing the global capitalism (Global, n.d). They are predicted to be the forefront of the world’s most progresses economies. China is now considered to be the second largest economy in the world in terms of Purchasing Power Parity (PPP). Although the per capita income of people living in developed countries is more than that of the BRIC countries but still there is considerable rise in the income of the middle income group people in such countries. Since the government of such nations is actively incorporating growth stabilizing policies, it is believed that India and China will soon emerge as the leading supplier of manufactured services and goods while Russia and Brazil may be the major suppliers of raw inputs (Academia, 2013).
In the above graph the dark green bars denote the income of the BRIC countries and the light green bars indicates the income of the G 6 countries in terms of GDP. The income level of all the countries in the world will increase with a growth of the world economy. Till 2020 it is observed that the income of BRIC nations is less than half compared to that of the G6. The estimation from 2020 afterwards shows that the BRIC economies surpass half the income of that of the G 6 countries. Finally by 2040 the income of BRIC countries will be more than that of the G 6 nations (CIA, 2013)....
The Five BRICS Brazil being independent in 1822 is now considered to be the most populous country in South America. It is perusing both industrial as well as agricultural growth and is now well known for its growing development within its boundaries. Brazil has become a strong economy in recent years exploiting its large natural resources and substantial labor force to work. There are still some problems like high inequality of income and hence a very excessive amount of corruption still now persists in this country. Brazil is expanding its world markets in sectors like agriculture, mining, service as well as manufacturing etc. The nation has also achieved a macroeconomic stability and has been successful to raise its foreign exchange reserves. Although Brazil has grown rapidly in 2007 to 2008 and has become a global creditor but still the recent economic recession has hit Brazil. Recession has touched Brazilian economy in two quarters. But it soon recovered its economic growth and has now gained the confidence of investors. In 2010 the GDP of Brazil experienced 7.5% growth, which is considered to be the highest in the last 25 years. The high level of income inequality in Brazil has declined in the last 14 years. The high interest rate of the country has involved in large amount of capital inflows and hence appreciated the economy. This has however disturbed the domestic manufacturing and compelled the government to intervene in the matters related to foreign exchange markets and has also lead to rise in taxes of the capital inflows from foreign countries. India is also considered as a member of BRIC, it terms of nominal GDP it is the ninth largest country in the world and ...Download file to see next pagesRead More
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