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Complete 10 page APA formatted essay: The BRIC (Brazil, Russia, India and China) countries are increasingly important in international business. In this case briefly describe the economy of the BRIC c
Complete 10 page APA formatted essay: The BRIC (Brazil, Russia, India and China) countries are increasingly important in international business. In this case briefly describe the economy of the BRIC countries and identify reasons why the BRIC countries are growing in importance.
Part of the reasoning behind why O’Neill chose these four countries is due to the fact that each BRIC member has a large population (Kowitt, 2009). Roughly 4 out of 10 people globally live in a BRIC member nation, and up to 50 percent of the combined population of the BRIC nations are under the age of 30 (Young,
2006). Of course, this does not automatically translate to great economic success, but it does provide a large labor market that can be exploited to help grow an economy at fast rates. O’Neill has mentioned that the BRIC nations do not have to be aligned politically or form a trading bloc similar to that of the European Union, but he only suggests that these four nations work together from an economics point of view to become the dominant supplies of manufactured goods and services, which will help fuel economic growth worldwide (Investopedia, 2012). This paper will look at the current economic situation of each of the four BRIC member nations, discuss the recent introduction of South Africa into the organization, highlight objectives and goals derived from the annual BRIC summit, and provide some challenges may prevent the group from reaching its full economic potential.
In terms of population and total area, Brazil is ranked as the fifth largest country in the world (Global Sherpa Brazil, 2012). This has in some part helped to fuel the local economy, which has picked up over recent years. In 2011, Brazil surpassed Great Britain as the sixth largest economy in the world (Global Sherpa Brazil, 2012). Business in Brazil has experienced a boom over the last decade, with thirty-six Brazilian companies making it onto the 2011 Forbes list of 2000 of the world’s biggest firms (Global Sherpa Brazil, 2012). This great economic expansion has had a trickle down effect to Brazilian consumers, who have seen their incomes grow considerably as a result of the upturn in the economy. However, Brazilians are
