Economy of the BRIC nations

[vinceasneed]

We hear so much about the economy of China. But is happening with all the BRIC nations now? Do they still see themselves as being the future of the world economy as whole? Russia is having major issues. I don't hear much about the Indian economy as much as I used to. Brazil is hosting the Olympics next year so maybe we will hear more about them. But it seems that China dominates and I have not heard much of anything about the so called BRIC alliance.

 

[003]

This is the first time that I have heard about the BRIC. I didn't know that there's an alliance like this that exists. And I wonder what pulled them together to form that alliance. I don't think it's because of geography like that of the EU. Nevertheless, I see that the countries that are involved have a great potential to grow and be at par with the world's leading economies. China is already one.

 

[DeltaForce103]

The World Bank and the IMF recently predicted that India will overtake China's growth rate in the year 2016-2017. To be honest, the consequences of those predictions, even if they were to come true, are exaggerated unless India has plans to hold economic growth in the double digits for a few decades just as China once did.

But this is still a near 180 degree reversal from the predictions of continued decay that were made in 2013 and 2012. Back then, what had been called the "Indian growth story" had already toppled due to corruption and government inefficiency. Now, under a new government, economic growth and investor sentiment have started to pick up again and key reforms have been made or are planned. As far as the "I" in BRICS is concerned, it is emerging out of economic downturn into better growth. With Obama's visit planned in a couple of days, you may hear more in the media.

 

[Onionman]

There never was a "BRIC alliance" as such. The concept of the four countries being a group was created by Goldman Sachs, despite the fact that they are very different in terms of what drives their economies, how they look at politics and how they interact with the world. The main thing they had in common was the great growth rates, large middle classes and enormous potential. As it stands now, clearly Russia is struggling and China announced its slowest growth in about 20 years (albeit it was still over 7% and far faster than most countries in the world). India is going through a transition through the transformative policies of Modi's relatively new government, and Brazil is yet to see whether there will be long-term benefits from the massive infrastructure spend from the World Cup and Olympics