Comparison of Basic Economic Indicators of Bric Nations

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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. Introduction4
2. Statistics5
3. Economic Indicators6
3.1 GDP6
3.2 Inflation7
3.3 Deficits8
3.4 Export and Import10
3.5 Foreign Reserves13
3.6 National/Public Debt17
3.7 Foreign Direct Investment18
3.8 Foreign Institute Investment19
3.9 Composition of GDP20
3.10 Demography23
4. Challenges24
5. Conclusion25
6. References26

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 cooperation, mainly as a way of influencing the United States position on major trade accords, or, through the implicit threat of political cooperation, as a way of extracting political concessions from the United States, such as the proposed nuclear cooperation with India.

2. Statistics

Categories| Brazil| Russia| India| China|
Area| 5th| 1st| 7th| 3rd|
Population| 5th| 9th| 2nd| 1st|
Population growth rate| 107th| 221st| 90th| 156th|
Labour force| 5th| 7th| 2nd| 1st|
GDP (nominal)| 7th| 11th| 9th| 2nd|
GDP (PPP)| 7th| 6th| 3rd| 2nd|
GDP (nominal) per capita| 55th| 54th| 137th| 95th|
GDP (PPP) per capita| 71st| 51st| 127th| 93rd|
GDP (real) growth rate| 15th| 88th| 5th| 6th|
Human Development Index| 73rd| 65th| 119th| 89th|
Exports| 18th| 9th| 14th| 1st|
Imports| 19th| 17th| 11th| 2nd|
Current account balance| 47th| 5th| 169th| 1st|
Received FDI| 11th| 12th| 29th| 5th|
Foreign exchange reserves| 7th| 3rd| 6th| 1st|
External debt| 28th| 24th| 26th| 23rd|
Public debt| 47th| 122nd| 29th| 98th|
Electricity consumption| 9th| 4th| 3rd| 2nd|
Renewable energy source| 3rd| 5th| 6th| 1st|
3. Economic Indicators

3.1 GDP
The BRICS countries have turned out to be a source of global economic development and essential to future generations. The center of global economic activity is shifting from industrialized nations in the west to emerging economies in Asia, Africa, and Latin America. In 2000, the four countries in BRIC (along with Indonesia), contributed just 18 percent of global GDP, while industrialized nations contributed about 65 percent. By 2010, BRIC countries provided more than a quarter of the world's GDP, at 27 percent. The rich countries' share had shrunk to 56 percent. Between 2000 and 2010, BRIC's GDP grew by an incredible 92.7 percent, compared to a global GDP growth of just 32...
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