Chapter 8: Partnerships in emerging markets
Today, emerging nations are exerting an increasingly large influence in the world economy. As of 2006 (before South Africa’s inclusion), BRIC (Brazil, Russia, India, and China) countries accounted for 40 percent of the world’s population and nearly 25 percent of global GDP. In projections made in 2006, India’s economy is expected to be larger than Japan’s by 2032, and China’s larger than the US by 2041. As a whole, the BRIC economies could be larger than that of the G6 by as early as 2039. They proved more resistant to the 2008–9 global crisis than the advanced economies and were key players in the economic recovery, although this seeming immunity has changed more recently. Five of the top 20 companies in the 2010 Forbes Global 2000 list come from the BRIC countries (three from China, one from Russia, and one from Brazil). According to the “OECD Economic Surveys – Brazil (October 2011),” Brazil has made notable economic, social, and environmental progress since the mid-1990s, which has driven robust growth and has allowed it to compete with high-income countries. These progresses have been namely: Economic and financial stability, increased resilience – due in large part to the strengthening of public institutions (inflation-targeting framework, exchange rate flexibility, and the Fiscal Responsibility Law in particular) Decreased poverty and inequality Improved environmental sustainability. Brazil has experienced a steady appreciation of its currency since 2003, with certain exceptions, as during the 2008 financial crisis. It marked its highest annual growth since 1986 in 2010 (7.5 percent in real GDP growth),
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