Comparison of Basic Economic Indicators of Bric Nations
Comparison of Basic Economic Indicators of BRIC Nations
Abstract
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development. It is typically rendered as "the BRICs" or "the BRIC countries" or "the BRIC economies" or alternatively as the "Big Four".
Table of Content
1. Introduction 4 2. Statistics 5 3. Economic Indicators 6 3.1 GDP 6 3.2 Inflation 7 3.3 Deficits 8 3.4 Export and Import 10 3.5 Foreign Reserves 13 3.6 National/Public Debt 17 3.7 Foreign Direct Investment 18 3.8 Foreign Institute Investment 19 3.9 Composition of GDP 20 3.10 Demography 23 4. Challenges 24 5. Conclusion 25 6. References 26
1. Introduction
The acronym was coined by Jim O'Neill in a 2001 paper entitled "Building Better Global Economic BRICs". The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies towards the developing world. It is estimated that BRIC economies will overtake G7 economies by 2027.
Economist Jim O'Neill who proposed the idea of BRIC countries.
Goldman Sachs argues that the economic potential of Brazil, Russia, India and China is such that they could become among the four most dominant economies by the year 2050. The thesis was proposed by Jim O'Neill, global economist at Goldman Sachs. These countries encompass over 25% of the world's land coverage and 40% of the world's population and hold a combined GDP (PPP) of 18.486 trillion dollars. On almost every scale, they would be the largest entity on the global stage. These four countries are among the biggest and fastest growing emerging markets.{Incal 2011}
However, it is not the intent of Goldman Sachs to argue that these four countries are a political alliance (such as the European Union) or any formal trading association, like ASEAN. Nevertheless, they have taken steps to increase their political
Abstract
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development. It is typically rendered as "the BRICs" or "the BRIC countries" or "the BRIC economies" or alternatively as the "Big Four".
Table of Content
1. Introduction 4 2. Statistics 5 3. Economic Indicators 6 3.1 GDP 6 3.2 Inflation 7 3.3 Deficits 8 3.4 Export and Import 10 3.5 Foreign Reserves 13 3.6 National/Public Debt 17 3.7 Foreign Direct Investment 18 3.8 Foreign Institute Investment 19 3.9 Composition of GDP 20 3.10 Demography 23 4. Challenges 24 5. Conclusion 25 6. References 26
1. Introduction
The acronym was coined by Jim O'Neill in a 2001 paper entitled "Building Better Global Economic BRICs". The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies towards the developing world. It is estimated that BRIC economies will overtake G7 economies by 2027.
Economist Jim O'Neill who proposed the idea of BRIC countries.
Goldman Sachs argues that the economic potential of Brazil, Russia, India and China is such that they could become among the four most dominant economies by the year 2050. The thesis was proposed by Jim O'Neill, global economist at Goldman Sachs. These countries encompass over 25% of the world's land coverage and 40% of the world's population and hold a combined GDP (PPP) of 18.486 trillion dollars. On almost every scale, they would be the largest entity on the global stage. These four countries are among the biggest and fastest growing emerging markets.{Incal 2011}
However, it is not the intent of Goldman Sachs to argue that these four countries are a political alliance (such as the European Union) or any formal trading association, like ASEAN. Nevertheless, they have taken steps to increase their political