Emerging markets are the countries characterized by economic progress and improvement and usually assisted by the governmental political function on the way of formation as the truly developing states (“Ins and Outs”, 2008). BRIC nations are the most demonstrable examples of the countries measuring up to this description.
BRIC, or the “Big Four”, is the economic term unifying four countries – Brazil, Russian Federation, India and China. All four are the emerging markets and the countries with high-speed developing economy.
Brazil is the eighth in the list of the world’s biggest economies and is predicted to achieve even better results in the new decade. A former Portugal colony and now the world’s fifth biggest country (“Brazil”, 2011), sets up its economy mainly on agriculture and industrial sectors with a large share of export (Zirulnick, 2011). Brazil is now an attractive place for foreign investments and the country with highly developed middle class.
The economy of Russian Federation, the world’s biggest country lying both in Europe and Asia and composed of numerous nations and autonomous republics, is based on the export of oil and natural gas as well as other natural resources and ready-made products. Russian economy does not prove to be stable but it shows swift growth disturbed only by the negative effects of world financial crisis in 2009. After the collapse of Soviet Union, Russia managed to stay one of the world’s most powerful nations known for its aerospace, military and technological achievements.
The half of India’s economy is based on services and outsourcing where the USA is the biggest investor. Other income the country makes in industry and agriculture. The middle class in India is still poorly represented, while 700 million of populations are those hardly ever making both ends meet. India, the world’s second most populous country (Zirulnick, 2011) has much in common with Russia and Brazil in terms of economic life and position in the global community but is characterized by a completely unique culture introducing much fragmentation in the social life in the country.
The history of China supposedly started more than two million years ago, Ciochon and Larick (2000) report. For a number of centuries, China has already been known as a powerful state, and now its economy is the world’s second largest after the US. Being the world’s most populated country, it makes significant paces in the economic and social improvements and expanding a lot into other countries. Many world gigantic corporations, especially those involved in technological advancements, are of Chinese origin.
According to my personal opinion, the depletion of such natural resources as oil and gas and the switch to other types of energy will considerably decrease the meaning of Russian Federation and Brazil in the global economy but will most probably benefit China, which is on the way to the world supremacy. Being the offshore zone for the most powerful countries, the economy of India, world’s largest powerhouse, will be growing as long as the investors see the benefits of outsourcing and global sourcing.
At the same time, Indonesia, a candidate to join BRIC, is primarily an agricultural country, which has the most of its export activities within the Asian region and is characterized by high level of poverty, unemployment, and corruption (Day, 2011). Therefore, it is doubtful that Indonesia will become a member of BRIC in the nearest future even in spite of its intensive economic growth.
“Brazil”. (2011). The World Factbook. Retrieved May 1, 2011 from:
Ciochon, R. & Larick, R. (2000). Early Homo erectus Tools in
China. Newsbriefs, Vol. 53 No. 1, Jan/Feb 2000.
Day, P. (2011). Can Indonesia join the BRIC countries? Retrieved
on May 1, 2011 from the BBC News Web site: http://news.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/9399266.stm.
“Ins and Outs”. (2008). The Economist, Sep 18, 2008. Retrieved on May 1, 2011 from: http://www.economist.com/node/12080703?story_id=12080703.
Zirulnick, A. (2011). Who Are The BRICS? Christian Science
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