Introduction
Brazil, Russia, India, and China have a cumulative population that accounts for 40% of the world’s population. Their geographical area covers more than a quarter of the earth. Incidentally, these four countries are extended over three continents. The BRIC countries can be distinguished from other global emerging markets due to their demographic and economic potency to remain as global economic powerhouses (Goldstein 87). This work explores the dynamics of the economic situations in the BRIC countries and their evolution to their current economic index
Economic Growth and Development of the BRICs
From 2000 to 2008, economic researchers have concluded that the total economic output from the BRIC countries increased from 6% to 16%. Considering the tumultuous global economic situation in that era, the BRIC’s output accounted for almost 30% of the global GDP (Goldstein 87). An analysis of the economic issues surrounding these four countries reveals that they are on a pedestal of exponential growth. These countries, for instance, have made humongous strides in manufacturing and service delivery. However, despite their clamp on the manufacturing sector, the BRIC economic block is currently morphing into high-end markets for several multinational companies. This essentially means that they still expect to influence the economic “beam” of the globe (Jain 44).The transformation of the BRIC economies from low-end to dominant economies in the globe is an interesting case to be studied in the comparative analysis of global economics (Neill 374).
The gradual and strategic expansion of the economies of the BRIC countries can be replicated over the globe (Goldstein 87).This may be necessitated by the desire of the globe to experience a unified growth of the economy. In addition, the analysis of the BRIC economies is important in the provision of a global economic rubric to be used to improve the economic standing of other regions of the globe (Neill 374).
Objectives of the paper
- To analyze the underlying principles and models that have greatly attributed to the massive growth and expansion of the BRICs economies
- To study the transformational leadership concepts that inspired the economic growth of the four nations
- Exploration of the structures that have been put in place by these economies to stir further growth of the economies of the BRICs countries
- To outline some of the challenges faced by these nations in their quest as economic powerhouses
- Analysis of the factors responsible for the accelerated growth of the BRIC economies
- To examine the role of FDIs in enhancing economic blocks within the BRIC regions.
The subsequent chapters will have a detailed analysis of the work with an aim to consider the above stated objectives. Chapter two will be confined to review literary materials relevant to the topic and establish the research gap; chapter three will focus on the methodology of the research and the data collection techniques. The research design will be also explicitly discussed in chapter three. Data collection methods outlined in chapter three will be employed in the fourth chapter of the work. The conclusion of the work will be the final part where the results of the data analysis derived from chapter four will be interpreted.
Works Cited
Goldstein, Andrea. “The Political Economy of Global Business: the Case of the BRICs.” Global Policy 4.2 (2013): 162-172. Print.
Jain, Subhash C.. Emerging economies and the transformation of international business Brazil, Russia, India and China (BRICs). Cheltenham, UK: Edward Elgar, 2006. Print.
Neill, Jim. The growth map: economic opportunity in the BRICs and beyond. New York: Portfolio / Penguin, 2011. Print.