Dominance of BRIC in the World Order
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Dominance of BRIC in the World Order

BRIC nations are destined to shift the world's uni-polar power to multi-polar but this time, to the third world. Emergence of BRIC nations would change many the world in many aspects but to change the economic conditions of its poor people would really be challenge for these nations. Time will tell if it would be challenging for Europe too.

The phenomena of BRIC came into widespread use after the gradual shift of global economic power from developed G7 economies towards the developing world. Its estimated that BRIC economies will overtake G7 economies after 2025. BRIC is the group acronym that refer to four major countries, i.e., Brazil, Russia, India and China, which are also among the list of top 10 most populated countries. In the recent economic crisis especially after the bubble burst of property in US and other western countries, we saw BRIC nations stood firm and stable. US and Europe still trying to stabilize their economy, even after receiving monetary aids from Arab countries and China. But during all this crunch, the economy of the emerging market still flourishing, especially the economies of BRIC.

These four countries having half of the world population combined together, also account more than 25% world’s land. Their main strength lies in their poor and low waged population. Its expected that China and India will be more dominant in the field of manufacturing goods and services in the coming years, while Brazil and Russia will be more dominant in the raw material supplies.

Developed nations’ export to these countries are decreasing while BRIC’s export considerably increasing to the developed countries like USA, UK, Netherlands etc. BRIC are also advancing in the technological field. Due to the reason, many MNCs established their regional HQs in these countries. UK’s export to BRIC is only 4 percent whereas only 2% of the UK’s total export from 2000-2010 went to China. The IMF predicts GDP growth of BRIC states will grow on the average of 9.4% in China, 8% in India through 2016 against 2.8% in US and 1.4% in Germany.

According to a study by Goldman Sachs, this G4 group’s joint GDP will exceed the G7’s current GDP by 2035, and China, the rising dragon, will exceed everyone, individually, by 2040. The factors behind this performance are somehow diverse: technological “explosion” in China; Russia’s extraction activities; Brazilian agriculture boom and Indian adventure in internet services and information technology.

BRIC nations are also the part of G20. So their role in the world economics is very vital. Only China’s hunger to gain more and more shares in the field of technologies, oil field and agriculture very noticeable.

Forming economic bloc: Although these emerging economies held summits but its too early to predict if there would be united bloc. Some more countries may join this group of emerging states like Mexico, Nigeria, Malaysia, Indonesia, Turkey, Pakistan, Philipines etc.

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