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

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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%.
LanguageEnglish
Pages315-338
Number of pages23
JournalInternational Journal of Political Economy
Volume45
Issue number4
DOIs
Publication statusPublished - 1 Dec 2016

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Economic power
BRIC countries
Brazil
World economy
Economic growth
Birth rate
OECD countries
India
GDP growth
Income

Cite this

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title = "Will the growth of the BRICs cause a shift in the global balance of economic power in the 21st century?",
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{\%}.",
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