International Business and the BRIC Countries: Impacts of Emerging Economies

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International business Introduction BRIC countries have been projected by economists to be some of the emerging economies in the near future. There is increased market potential in those countries hence leading to the possibility of more firms developing their roots in those countries. These projections are facilitated by the high population growth rate being experienced in those countries hence providing market and cheap labor for production. It is projected that, there will be emergence of new economies especially china, Russia, India and Brazil. Most of the projections indicate that by 2020 china's growth national product (GNP) will surpass that of individual western economic powers except that for US, while at this time too, India's economy will have overtaken or will be in the process of overtaking the European economies (Nye, 2000). Due to India's and china's large population which will be estimated to be at 1.3 billion and 1.5 billion respectively, the standard of living of people residing in those countries does not need to match that of the western countries so as to become the economic powers. Russia on the other hand is said to have a potential of being one of the economic powers by at this period through to its oil and gas reserve but, there are projections that it will still be faced by severe demographic crisis from low birth rate, AIDS situation and poor medical care. There will still be sufficient reserves of energy to meet the demand for the growing

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