Developed and Developing Countries

1618 Words Jan 26th, 2018 7 Pages
Just a basic overview before I go into detail, developed countries have a matured financial system, this includes the US and Canada, Western Europe, Australia, New Zealand, Japan and South Korea. Developing countries are emerging markets across Asia, Latin America and Africa. And undeveloped countries are mainly African nations which remain vastly poor, such as Mali and Somalia. Before I go on about the BRICS countries of the future, I will start with today’s BRICS nations why they are in BRICS. First, the B, Brazil. Brazil has sustained a high GDP growth rate as its Gross Domestic Product has passed the United Kingdom, but this is a small part of the equation. Brazil contains many minor oilfields, but this is still not the big picture. Although services makes up most of Brazil’s economy, agricultural products like coffee, bananas and sugarcane have driven Brazil’s growth. Plus, Brazil doesn’t have an overpopulation problem, so they can export coffee, bananas and sugarcane, in fact Brazil is the number one producer of coffee in the world. The main drawbacks are the extensive crime combined with a corrupt political system.
Next, the R, Russia. Russia is easily the odd one out of the BRICS countries. It doesn’t currently sustain growth at any level even close to the other BRICS nations. But Russia contains huge coal mines and even more crude oil and natural gas…
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