...ABSTRACT This paper examines the four emerging economies- Brazil, India, Russia and China (BRIC) - that are expected to play an increasingly important role in the global economy in the coming decades. These four countries have come to symbolize the exciting challenges and opportunities presented by dynamic emerging markets. The first part of the report outlines key features of these economies and their growing contribution to world output and trade. The second part analyses the contribution of India towards the same. By 2050, the BRIC economies will account for 44% of global GDP. The emerging market accounts for an increasing share of global activity. Two centuries of vigorous industrialization has propelled economies of North America, Western Europe and Japan into a dominant position in terms of their share of world output. But the past three decades have seen steady erosion from the peak they attained during the 1970. The emerging economies now account for over half of world output. These dynamic economies are changing the world economic order as they industrialize, improve their infrastructure and rapidly develop their service sectors. By 2050, they will account for almost 78% of global output. This projection uses realistic assumptions of annual growth rates of 5.3% to 2050, well below those posted in recent decades by the economies of developing Asia at over 7.5%. Growth at that pace is not sustainable over the long term – as economies mature, they inevitably lose some of their...
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...Industry and Services: Accounts for 26.3% of the total GDP 2. Agriculture: 18.1% of the total GDP 3. Services: 56.6% of the GDP 4. Total Labor force: 487.6 million 5. Labor force in services: 34% ~ 165.5 million IT and India India gained recognition due to its IT and ITES sector. The ITES can be broadly classified into IT Services and BPO (Business processing outsourcing). The first software export zone setup in India was in Mumbai, the SEEPZ Park, in 1973. Significant growth has taken place since then in the IT Services sector and consequently the net contribution to the GDP has been growing ever since. India’s reputation as both as a source and a destination for skilled workforce helped improve its relations with a number of world economies which in turn facilitated technology driven growth. IT and its Contribution to GDP Fig 2: Contribution of IT sector to India’s GDP (Source: Nasscom) According to research and analytics firm Evalueserve, the booming IT industry is expected to account for 8.05% of the country's GDP by 2015-16, compared to 6.4 per cent in 2010-11. Employee strength would surge to 3,750,000 during...
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...Map the likely evolution of the BRICS. What indicators might companies monitor to guide their investment and actions? Over the next 50 years, Brazil, Russia, India and China_ the BRICS economies_ could become a much larger force in the world economy. We map out GDP growth, income per capita and currency movements in the BRICS economies until 2050. [pic] BRICS countries have also diversified their source of imports and are trading more with other large emerging economies and developing countries. They play an important role in the global economy, and their role in the future of global economics seems more evident. Demographic shifts are taking place and BRICS states, especially India and China, will have much of the world's youth, a driving force behind growth of consumer spending and innovation These countries have large numbers of highly qualified professionals and technicians, and their skilled labor means they will remain competitive across the globe. Their large domestic markets will create economies of scale that make BRICS' geographies central to global production and demand. And they will emerge as centers of innovation and new product development. Indian manufacturing and IT companies are making serious moves in China, and demonstrating their ability in high-tech engineering, software development, banking and foreign exchange trading. Chinese companies have an impressive export record and have emerged as important suppliers for infrastructure projects...
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...Chindia is a portmanteau word that refers to China and India together in general. The credit of coining the now popular term goes to Indian Member of Parliament Jairam Ramesh.[citation needed] China and India are geographically proximate, are both regarded as growing countries and are both among the fastest growing major economies in the world. Together, they contain over one-third of the world's population (2.5 billion). They have been named as countries with the highest potential for growth in the next 50 years in a BRIC report.[citation needed] BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China. The economic strengths of these two countries are widely considered complementary[original research?] - China is perceived to be strong in manufacturing and infrastructure[citation needed] while India is perceived to be strong in services andinformation technology.[citation needed] China is stronger in hardware while India is stronger in software.[citation needed] China is stronger in physical markets while India is stronger in financial markets. The countries also share certain historical interactions - the spread of Buddhism from India to China and British-European trade on the Silk route are famous examples. However, there are also geopolitical, cultural, economic and political differences between China and India that some argue would make this term inappropriate. The effects of the Sino-Indian War of 1962 have meant that relations between...
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...Introduction BRIC is used in economics to refer to the combination of Brazil, Russia, India, and China which make up over 42% of the world's population. These nations are going to play a major role in the future of global economy. BRIC or BRICs are terms used in economics to refer to the combination of Brazil, Russia, India, and China. General consensus is that the term was first prominently used in a thesis of the Goldman Sachs investment bank. The main point of this 2003 paper was to argue that the economies of the BRICs are rapidly developing and by the year 2050 will eclipse most of the current richest countries of the world. Goldman Sachs argues that the economic potential of Brazil, Russia, India, and China is such that they may become among the four most dominant economies by the year 2050. The thesis was proposed by Jim O'Neill, global economist at Goldman Sachs. These countries are forecast to encompass over thirty-nine percent of the world's population. Goldman Sachs predicts China and India, respectively, to be the dominant global suppliers of manufactured goods and services while Brazil and Russia would become similarly dominant as suppliers of raw materials. Cooperation is thus hypothesized to be a logical next step among the BRICs because Brazil and Russia together form the logical commodity suppliers to India and China. Thus, the BRICs have the potential to form a powerful economic bloc to the exclusion of the modern-day G8 status. Brazil is dominant in...
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...An Essay on Agricultural Growth and Development In Latin America Ismael Reyes Jr. ismaelreyes001@mail.fresnostate.edu 105336757 Econ 114: Economic Development of Poor Nations Dr. Antonio Avalos December 2, 2013 MWF 11:00am- 11:50am Fall 2013 It is said that by the time we reach the year 2050, the United Nations estimates the population to have reach 9 billion people globally. Causing the demand for food to double, with much of that demand in developing countries such as Latin America. The development of the agricultural sector in Latin America was been going on since its been colonized, with most of its economy being largely based off of agriculture. So what is stopping Latin America from becoming a food superpower? Although with agricultural production continuing to rise around the world, Latin America’s progression has ben uneven having a lack of appropriate technological innovation and government regulation. Latin America has always have a problem with its timing. After independence became a new trend in Latin America, these countries were left to fend for themselves and develop their own economic strategies. Unfortunately, the development of these strategies took too long and happened too late for them to be able to follow the international trends in trade. Since independence, there have been three phases of economic development in Latin America: export-led growth, inward-looking development, and the promotion of nontraditional exports. During each...
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...rivaling the advance economies. The BRICs, coined by Goldman Sachs, consists of four countries: Brazil, Russia, India and China. These four countries are the fastest-growing markets in the world. The intensification of globalization has allowed these four markets to flourish. Even with the latest economic crisis, the BRICs are predicted to recover faster than the advance economies. By 2050, all the BRICs are forecast to past most advance economies. But, there are implications that hinder the BRICs full potential economic growth. There are distinctive factors for each of the BRICs that have helped gain influential economic power over the decades. The most influential and fastest growing market is China. China has been an isolated country both politically and economically in the world. It was not until the 1970s and 80s when China brought about economic reform. The main focus of these reforms was to change the economy away from the agriculture sector to international trade. These reforms allowed for China’s economy to flourish by opening its economy to the world for the purposes of trade and direct foreign investment. Since the liberalization of the economy, China has become the fourth largest economy with a growth rate of 9.5% over 26 years (Forbes). Its gross domestic product in 2009 was about $4.7 trillion (CIA). The second largest economic emerging country is India. India’s economy is controlled and overseen by the government. India has a diverse economy with many sectors...
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...GE BANGLADESH Green Economy: A Revolution for Economic Movement in Bangladesh Review of Literature: Reaching in the 21st century, while the whole world is moving towards the merge of development, on the contrary deeply concerned about its sustainability as the way of this economy is traditional and hampered as well. The costs of fossil-fuel based brown economy on socio-economy and environment, known as the way of traditional, have been remarked all over the world. These concerned observations motive people to think of an alternative economic system which is called green economy or environment friendly economy. This thinking has been reflected in many literatures by many persons and organizations as follows: United Nations Environment Programme (UNEP), noted in 2008 “There is growing recognition that humanity faces a severe environmental emergency. Modern economies have been built on an unsustainable foundation. Activities ranging from agriculture and mining to manufacturing, services, and transportation rely on fossil fuels, generate copious amounts of pollution and waste, and undermine critical ecosystems, ecoservices, and life support while Green economy is one which ensures human and social wellbeing with reduced environmental risks and ecological scarcities.” In its simplest expression, a green economy can be thought of as one which is low carbon, resource efficient and socially inclusive. Practically speaking, a green economy is one whose growth in income and employment...
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...of the shift in global economic power away from the developed G7 economies towards the developing world. G7 countries are existing nations with well-developed economies. It is estimated that the BRICS economies will overtake G7 economies by 2050. Although there is argument of whether South Africa should be included in the BRIC countries due to its population of 50 million, it was still included. China and India, predictively, will become the dominant global suppliers of manufactured goods and services, while Brazil and Russia will become similarly dominant as suppliers of raw materials. India is the second largest country with a population of over 1.2 billion people. The country thrives off of small businesses headed by poor families trying to make a living and to support their families. In the past decade however, India has made it clear they want to expand their horizons. This idea is not favored with everyone due to the fear of forgetting India's roots and traditions to the modern way (or Western way). It is also causing a stir about the decline in profit to small businesses. The value of Indian economic output in 2012 will be $1.95 trillion and $2.12 trillion in 2013. That makes it one of the 10 largest economies in the world. India has already overtaken several rich countries such as Canada as far as the size of its economy goes. But faster economic growth is important as well as creating a robust economy that offers many opportunities to 1.2 billion Indians. The way to...
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...countries, it would be CIRB which is China, India, Russia and Brazil. The BRIC are both the fastest growing and largest emerging markets economies. These four countries encompass more than quarter of the world’s land area and in 2009 accounted for more than 40% of world’s population, 40% of the world’s foreign exchange reserves and 25% of world’s GDP. The states, which were earlier, accepted to consider as developing countries of Third world, promptly become economic giants of the new world. BRIC: Brazil, Russia, India and China – four markets everyone with the unique features, but thus unites them the potential generated by changes in political systems of these countries. As a result of these changes there was a consumer demand, which is formed by 43% of the population of the whole world. In roughly developing countries of BRIC there are five of the ten largest cities of planet where concentrated the huge amount of capital and millions of consumers who are aspiring up on social and economic ladder. The term BRIC was included into a business lexicon in 2003 after the economist of Goldman Sachs investment bank Jim O'Neill described future economic picture of the world. In his opinion, by 2050 the economic capacity of these four countries will allow them to become dominating economies, and to surpass in scales not only economy of the USA, but also economy of all of the countries of Western Europe taken together. However, on forecasts of experts of Goldman Sachs, it can happen and earlier...
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...| UN-Conference 1974-76 | Charter of Economic Rights and Duties UN- habitat Conference | | | Submitted to:- Mrs. Anu Kohli | | UNITED NATIONS CONFERENCE 1974-1976Twenty-eighth session Agenda item 51 Resolutions adopted by the General Assembly 3082 (XXVIII). Charter of Economic Rights and Duties of States | | Bearing in mind that the United Nations Conference on Trade and Development, in its resolution 45 (III) of 18 May 1972,/8 decided to establish a Working Group of governmental representatives to draw up a draft Charter of Economic Rights and Duties of States, Recalling its resolution 3037 (XXVII) of 19 December 1972, by which it decided to enlarge the composition of the Working Group on the Charter of Economic Rights and Duties of States, Reaffirming its conviction of the urgent need to establish or improve norms of universal application for the development of international economic relations on a just and equitable basis, 1.Takes note with appreciation of the report of the Working Group on the Charter of Economic Rights and Duties of States and of the comments made thereon as reflected in the report of the Trade and Development Board on its thirteenth session; 2.Decides, in the light of the progress achieved, to extend the mandate of the Working Group as established by resolution 45 (III) of the United Nations Conference on Trade and Development; 3.Further decides that the Working Group shall hold two sessions in 1974, each of three...
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...Brazil – Country Report Introduction The country has been expanding its presence in international financial and commodities markets, and is one of a group of four emerging economies called the BRIC countries. Although struggling with social inequality and infrastructural deficits we think that Brazil is already a great world power. Also what attracted us to Brazil as a case study for this report is it’s exotic character. Not many people really know the extent of Brazil’s recent growth and improvements in social security and in overcoming poverty. We expect the labor force and operational costs to be low, like in the other emerging countries like China. However we take in to consideration higher costs involving security and bureaucracy. Chapter 1 – Short presentation of the country The Federative Republic of Brazil is the largest country in both South America and the Latin America Region. It is the world's fifth largest country, both by geographical area and by population, with over 193 million people. It is the largest Lusophone country in the world, and the only one in the Americas. Bounded by the Atlantic Ocean on the east, Brazil has a coastline of 7,491 km. It is bordered on the north by Venezuela, Guyana, Suriname and the French overseas region of French Guiana; on the northwest by Colombia; on the west by Bolivia and Peru; on the southwest by Argentina and Paraguay and on the south by Uruguay. Numerous archipelagos form part of Brazilian territory, such as Fernando...
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...Rodrigue and Dr. Theo Notteboom1. The Economic Importance of Transportation Like many economic activities that are intensive in infrastructures, the transport sector is an important component of the economy impacting on development and the welfare of populations. When transport systems are efficient, they provide economic and social opportunities and benefits that result in positive multipliers effects such as better accessibility to markets, employment and additional investments. When transport systems are deficient in terms of capacity or reliability, they can have an economic cost such as reduced or missed opportunities. Efficient transportation reduces costs, while inefficient transportation increases costs. The impacts of transportation are not always intended, and can have unforeseen or unintended consequences such as congestion. Transport also carries an important social and environmental load, which cannot be neglected.The added value and employment effects of transport services usually extend beyond employment and added value generated by that activity; indirect effects are salient. For instance, transportation companies purchase a part of their inputs from local suppliers. The production of these inputs generates additional value-added and employment in the local economy. The suppliers in turn purchase goods and services from other local firms. There are further rounds of local re-spending which generate additional value-added and employment. Similarly, households that...
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...West Coast Forum Research Work Group Sustainable Consumption & the Sharing Economy Summary of Research Findings and Gap Analysis Topic: How state and local governments are promoting sustainable consumption and engagement in the sharing economy RESEARCH QUESTION(S) • What is the state of knowledge about sustainable consumption? How is this defined or framed? What are the emerging trends? What potential roles can municipal and state governments play? • What barriers have been identified and how might these be overcome? • What strategies, techniques and policies are effective at promoting sustainable consumption through reusing, renting, repairing, and sharing products and materials? • What GHG reduction benefits can be achieved through these activities? • What strategies, techniques, policies and innovative approaches have not yet been tried but have been proposed that are considered to have greatest potential? Note: This research summary builds on the findings of a previous literature review “Changing Consumer Behavior” presented at the 2012 annual Forum meeting. Many of the issues and key findings related to sustainable consumption are addressed there. Sustainable consumption is a rich and nuanced topic for which extensive literature exists. While not the primary focus of this review, the concepts around sustainable consumption provide a context for exploring specific activities of individual consumers such as renting...
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...Insight Report The Global Competitiveness Report 2014–2015 Klaus Schwab, World Economic Forum Insight Report The Global Competitiveness Report 2014–2015 Full Data Edition Professor Klaus Schwab World Economic Forum Editor Professor Xavier Sala-i-Martín Columbia University Chief Advisor of The Global Competitiveness and Benchmarking Network © 2014 World Economic Forum World Economic Forum Geneva The Global Competitiveness Report 2014–2015: Full Data Edition is published by the World Economic Forum within the framework of The Global Competitiveness and Benchmarking Network. Copyright © 2014 by the World Economic Forum Professor Klaus Schwab Executive Chairman All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, or otherwise without the prior permission of the World Economic Forum. Professor Xavier Sala-i-Martín Chief Advisor of The Global Competitiveness and Benchmarking Network Espen Barth Eide Managing Director and Member of the Managing Board ISBN-13: 978-92-95044-98-2 ISBN-10: 92-95044-98-3 Jennifer Blanke Chief Economist This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. THE GLOBAL COMPETITIVENESS AND BENCHMARKING NETWORK Margareta Drzeniek Hanouz, Head of the Global Competitiveness and Benchmarking Network and...
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