preview

Brics, India, China And South Africa

Good Essays

I. Introduction
The acronym of “BRICS” refers to a group of five emerging economies - Brazil, Russia, India, China and South Africa which represent nearly 30% of the earth’s surface and 40% of world’s population . BRIC acronym was initially introduced by Chief Economist of Goldman Sachs in his report ‘Building Better Global Economic BRICs’ (2001). In 2010 South Africa was added to this group of countries because of its increasing economy. Goldman Sachs in its long term outlook in 2009 forecasted that BRICs economy will become as big as the G7 countries by 2032 and China’s economy will become as big as the US economy by 2027.
One of the main reasons why BRICS gained important role in global economy was not only the population and geographical features, but also the growth rate and increasing share in the international trade. The BRICS’ share in world trade has increased from 3.6% in 1990 to 15% in 2010 and share in world GDP increased from 16% in 2000 to 25% in 2010.
It is evidenced that export is the main driver of economic growth in BRICS countries as they implemented export oriented growth strategies. Brazil is very rich in coffee, soybean, sugar, and crude oil. Major share in Russia’s export is natural resources: gas, oil and natural minerals. South Africa is the richest country in the world for reserves in chromium, platinum, platinum and alumino-silicates. Additionally South Africa generates and exports 45 per cent of Africa’s total electricity. India’s main exports

Get Access