TY - JOUR
T1 - Will the growth of the BRICs cause a shift in the global balance of economic power in the 21st century?
AU - Siddiqui, Kalim
PY - 2016/12/1
Y1 - 2016/12/1
N2 - 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%.
AB - 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%.
KW - BRIC economies
KW - GDP growth
KW - neoliberal policies and external vulnerabilities
U2 - 10.1080/08911916.2016.1270084
DO - 10.1080/08911916.2016.1270084
M3 - Article
VL - 45
SP - 315
EP - 338
JO - International Journal of Political Economy
JF - International Journal of Political Economy
SN - 0891-1916
IS - 4
ER -