Will the growth of the BRICs cause a shift in the global balance of economic power in the 21st century?

Siddiqui, Kalim (2016) Will the growth of the BRICs cause a shift in the global balance of economic power in the 21st century? International Journal of Political Economy, 45. pp. 315-338. ISSN 0891-1916

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Abstract

Some 42% of the world’s population (i.e. 3 billion people) live in Brazil, Russia, India and China, collectively known as BRICs. Of these four, India and Brazil also have a higher than average birth rate. The combined economy of the BRICs made up 25.6% of the global GDP in 2015 and has been projected to increase to 33% by 2020. Studying the BRICs economies is important for a number of reasons including: their rapid economic growth rates, large populations, and fast-growing markets for goods and capital. Their average per capita annual income ranges from about US$ 3,000 to nearly US$ 15,000 in PPP terms. However, in 2015 their average annual GDP growth exceeded 6%, which is much higher than the 1.9% of the OECD countries. It is estimated that their share in the world economy could double over the next two decades, from 25.6% to 40%.

Item Type:	Article
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory
Schools:	Huddersfield Business School Huddersfield Business School > Emerging Markets Research Group
Related URLs:	Author
Depositing User:	Sharon Beastall
Date Deposited:	18 Jan 2017 11:34
Last Modified:	01 Jul 2018 01:38
URI:	http://eprints.hud.ac.uk/id/eprint/30970

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