BRIC Analysis

Topics: BRIC, Economics, Goldman Sachs Pages: 6 (617 words) Published: September 18, 2014

BRIC
The four BRIC countries which includes Brazil, Russia, India and China are distinguished from a host of other promising to emerge markets by their demographic and economic potential to rank among the world’s largest and most influential economies in the 21st century.Together, the four original BRIC countries which include more than 2.8 billion people or 40 percent of the world’s population, cover more than a quarter of the world’s land area over three continents, and account for more than 25 percent of global GDP. 1Brazil, Russia, India and China combined.which speculated that by 2050 these four economies would be wealthier than most of the current major economic powers.

2From 2000 to 2008, the BRIC countries’ combined share of total world economic output rose from 16 to 22 percent. Together, the BRIC countries accounted for 30 percent of the increase in global output during the period.

3The BRIC thesis believes that China and India will become the world's big suppliers of manufactured goods and services, while Brazil and Russia will also become big suppliers of raw materials. BRIC Countries’ Path to 2050

A country’s population and demographics, among other factors are affect the potential size of its economy and its capacity to function as an engine of global economic growth and development. As early as 2003, Goldman Sachs forecasted that China and India would become the first and third largest economies by 2050, with Brazil and Russia capturing the fifth and sixth spots. The chart below shows a more recent forecast of the world ranking of the biggest economies in the year 2050.

4“The World Needs Better Economic BRICs.”

5China
6China has influenced the course of international development for thousands of years. With more than 1.35 billion people (even with the one child per family policy). 7China took roughly 20 percent of the total world population,after decades of rapid economic growth, China overtook Japan to become the world’s second largest economy in 2010 behind the U.S..

8China’s Economy and Development
China stands at the head of the economic class of the BRIC countries, which include Brazil, Russia and India. After many decades of each-year GDP growth exceeding 10 percent.

9Chinese Culture and Society
China’s history is the world’s history in many respects.With nearly 4,000 years of continuous history and culture, China is one of the world’s oldest civilizations. Mandarin Chinese, China’s main language, is spoken by more than 12.44% of world's population which is about 955million people even more than English and Spanish. 10Politics and Power in China

China’s powerful, centrally controlled government and the Communist Party of China (CPC) controls over the country’s people, politics, development and foreign relations. China invited South Africa to join the group of BRIC nations in December, 2010 and hosted the third annual BRICs Summit in April, 2011. 11Science and Technology in the BRICs

There are increaseing in science research investments and scientific publications. Since 2002, global spending on science R&D has increased by 45 percent to more than $1,000 billion (one trillion) U.S. dollars. From 2002 to 2007, China, India and Brazil more than doubled their spending on science research, raising their collective share of global R&D spending from 17 to 24 percent. 11China’s development planning has targeted a number of scientific fields and related industries, including clean energy, green transportation and rare earths, among others. 12Growing BRIC Middle Class

China and India are expected to give rise to a large middle class whose consumption would help drive the BRICs’ economic development and expansion of the global economy.The chart below shows how the increase in the middle class population of the BRIC countries is forecasted to more than double that of the developed G7 economies.
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