Bric Countries Essay

695 words - 3 pages

Recently, India demonstrated that the BRIC countries are expected to play a role in reclaiming the weathered post-economic crisis globally. As a whole, BRIC countries cover nearly 30% of the land mass and 30% of the total population of the world. In the next three to five years, the composite markets of BRIC countries such as Brazil, India, China, and Russia are expected to grow steadily. For over a decade now, India has been considered a leader in composite consumption. In addition, India has the highest growth rate mainly because of the high demand of industrial users. Industrial growth development in BRIC countries vary from one region to another, as they are affected by factors such as ...view middle of the document...

With regard to this, there will be cooperation between the two groups of countries, creating stability in the BRIC nations. The act of Russia and Brazil supplying raw materials to China and India will enable them to grow their economy to even higher standards. In that regard, the countries will be expected to create a strong bloc economically to match or surpass the status of the G8 nations. Brazil dominates in the supply of iron ore and soy, while Russia has the capacity to ensure adequate supply of both natural gas and oil. It is a clear fact that commodities, technology, service, and other companies are moving slowly out of the United States to these countries.
On the contrary, there are vices that reduce the pace at which BRIC countries are growing. They include nepotism and corruption among others. Political effects such as elections usually affect the rate of economic growth in the BRIC countries. The development rate is moving quite rapidly. Brazil has decided to move from flashy stadiums to serious business activities relating to development. India, which is considered as among the...

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