Edited by Joseph Mark S. Munoz
Chapter 17: The economic powerhouse of Brazil, Russia, India and China: is continued growth sustainable?
Following the Asian and Russian financial markets crisis in the late 1990s, Brazil, Russia, India and China (BRIC) have emerged among the largest countries in the world in both demographic and economic terms. They are of high geopolitical significance. The BRIC nations represent over40 percent of the world’s population, they have seen their share in global GDP rise from 15 percent in 1995 to more than 24 percent in 2010, and they attract more than 50 percent of the total emerging markets external capital flows. While the common characteristic of the BRICs are rapid economic growth, transitional character (economic, political, social and demographic) and capital markets at early stages of development, each of these countries is unique in its own right and has a financial system that has been shaped by country-specific past events of a financial, political and regulatory nature. According to the IMF, by 2014, BRIC will be responsible for 61 percent of global economic growth. In financial terms, the BRIC countries dominate the emerging market economies of today and as such the weight of the BRICs in international investment portfolios has been on the rise in the past decade. However the continued growth of these economies does not come without its challenges. The BRIC’s economic and social problems, increasing energy consumption, as well as their geopolitical relations, might pose a significant impediment to their continued economic growth.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.