Questions and Answers on BRIC Nations

590 Words Feb 1st, 2018 2 Pages
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Brazil, Russia, India and China are the series of nations included in the BRIC nations definition, and are often cited as the fastest growing, most vibrant economies globally today. Goldman Sachs's economics forecasting unit made the prediction earlier in the decade that by 2050, these four nations would comprise the majority of economic activity globally (Stone, Ranchhod, 2006). Each of them has a unique, highly differentiated base of competitive advantages that are in demand globally, across both manufacturing and services-based industries. Brazil's natural resources and stability of economic system including its globally-valued currency have elevated this nation to an elite status in the constellation of BRIC countries globally (Stone, Ranchhod, 2006). It is also increasingly being relied on as a global trading hub (Torres, 2013). Russia's emergence from communism continues to accelerate, as does the level of global commerce with many of the nationalized industries there (Stone, Ranchhod, 2006). The Russian economy is also supported by oil reserves and a favorable competitive position with natural gas reserves as well, making it a viable competitor to the OPEC cartel (Stone, Ranchhod, 2006). India's emergence as a force in the global economy can be tracked to their growth of outsourcing businesses, quality of advanced education and the development of next-generation technologies in mobile computing, as…

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