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
Growth of the manufacturing industry is now the largest contributor to Brazil’s exports comprising of 45%. The manufacturing industry and other large industries that contribute to Brazils exports have allowed for Brazil to increase GDP levels from 385Million in 1980 to 2.4 Trillion in 2010.
The economy of Brazil is in the top ten largest economies along with the United States. It is the biggest in Latin America. Actually it is the seventh largest in the world. Brazil has used its newly found economic mechanism to syndicate its outcome in South America and show more of a role in the Global Businesses. The Obama Administration’s National Security Strategy recognizes Brazil as a developing center of effect, and greets the management of the country’s joint and global issues. The United States and Brazil associations mostly have been good in the recent years. But Brazil has other strengthening relations with neighboring countries and expanding ties with nontraditional partners in the South that’s developing.
Commodities account for 57% of the value of total exports, so that a downturn in world commodity prices can have a big impact on the economy. The government is pushing for increased exports
The process of integration of economies around the world, known as globalisation, has catalysed the development of Brazil as a powerful emerging economy, through the expansion of trade and investment. Emerging countries are defined as those progressing toward becoming more advanced, through rapid growth and industrialisation. Consequently, Brazil’s rapid economic growth has secured its place in BRICS, an association of five major emerging economies, Brazil, Russia, India, China, and South Africa.
Trade was an important achievement to Africa, especially Aksum. Aksum, one of Africa’s major trading cities, is a justification for Africa’s achievements. Its site is near important trade routes such as the Red Sea, the Nile River, and the Gulf of Aden made it a key international trading center (Doc 1). Another important city of trade was Kilwa. Kilwa controlled the trade overseas between Africa because of location near the coast. (Doc 8)
Today Brazil with a GDP of $2.533 trillion is the 7th largest economy in the world and it is also considered as one of the most successful emerging countries. Despite all predictions, thanks to its huge domestic market and agriculture, the country maintained its growth in 2009 and 2010.
1. Brazil is the largest producer of coffee in the world. It is also a leading producer of cacao beans, bananas, sugar cane, citrus fruit, cattle, and sheep.
“Colombia is well endowed with minerals and energy resources. It has the largest coal reserves in Latin America and is second to Brazil in hydroelectric potential. The country's oil reserves total about 2.6 billion barrels. However, these are estimated to represent less than 20% of the country's actual oil potential.” This site also discusses how Colombia’s unique climate and topography allow for success in production of natural goods such as the aforementioned coffee, flowers, tropical fruits, and livestock to name a few (“Colombia Trade News”).
Dominated by agriculture grown for export markets since colonial times, the economy of this West African nation is beginning to diversify (Michael Radu). According to statistics provided by the International Monetary Fund, in 2006 revenues from oil and refined products surpassed earnings from the nation’s biggest cash crop, cocoa (African Studies Center). The government in 2011, predicted that the nation’s biggest source of wealth would be petroleum resources. Currently more than 30 international mining companies are mining and exploring reserves of gold. Political stability will determine is multinational energy and mining companies can assist with bringing gold, natural gas, diamonds, nickel, oil, and other natural resources. Foreign investments have slowed down due to political instability, which contributed to the country’s initial financial success. Economic growth has come to a standstill. Although the GDP growth rate improved from about 2% in 2008 to 4% in 2009–2011, per capita income has continuously dropped since 1999, with a slight improvement in 2009–2010 (Central Intelligence
Brazil is the world’s largest producer and exporter. Citrus fruit, soybeans, wheat, rice, corn, sugarcane,
A Chinese proverb accredited to Confucius says that to define the future, you need to study the past. Indeed, studying and understanding the past is paramount to understand the current situation of SVGB crimes in the CAR. Therefore, the following Chapter will focus on a brief analysis of the history of the CAR, highlighted its political instability.
Developing nations are filled with hope and aspirations of one day becoming a wealthy, dominating, and influential country. These nations can sometimes be unsafe, difficult to live in, and hard for workers to earn good compensation for their labor. On the other hand, living in a developed nation has many upsides. Developed nations are wealthy, which in turn have good infrastructure, labor and worker laws, and have less crime.
In the recent years, China has had a growing presence in the African continent, engaging in trades, delivering aid and initiating projects. China’s involvement in Africa is something that has triggered very animated debates among students and scholars. Many hypotheses as to China’s intentions have been presented. Is China really the solution to Africa’s underdevelopment or simply for its own political and economical interests? This essay will present a more pessimistic view on this whole situation arguing the very dangers and consequences of China’s relationship with Africa. Not only does China worsen the countries’ economic conditions by triggering high levels of inflation and unemployment but it also represent a new form of colonialism
The BOP of Brazil (exhibit 5) shows that since 2000 the country was constantly a net exporter until 2014. The profile of its exports consists mainly of raw materials such as crude oil, iron, raw sugar, soybeans, etc. The collapse of commodities prices (exhibit 9) in the middle of 2014 reduced the ability of Brazil’s economy to end 2014 with a positive current account. The fall of oil prices also strongly contributed to that and Brazilian economy finished 2014 with a deficit in the Balance of goods of nearly $ 4 billion. Brazil’s GDP as expected finished 2014 with just 0.1% growth, announcing that tough times would follow.
There are many significant change in the world economy occurred, marked by globalization each country has different speed of development under different political and cultural background. During this period, Such as the United States of America 's economic status from the rapid development to the decline, then move to the current stable trend. Brazil, Russia, India, China, which named ‘BRCIS’ those developing countries’ economic performances are very catch the attention in recent years. The decline and rise of these countries ' commercial economy are closely related to their political culture. Therefore, it attracted the attention of scholars and research circles.