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The term BRICs puts under a common label the four largest fast growing emerging countries: Brazil, Russia, India and China. The BRICs show many common features, such as big land size, large population, fast economic growth etc., but important differences as well, due to their different models of economic development and resources endowments. In this report, we discuss the different models of economic development of the individual BRIC countries, with a special focus on their external relations (trade, FDI) and on likely future developments. Brazil is a domestically oriented service economy; Russia's economic development is heavily dependent on energy and raw material resources; the Indian economy is essentially service-led, supported by exports; and China's economic development is driven by manufacturing exports and investment. Finally, we explore the resulting future challenges and opportunities for EU competitiveness.
wiiw Research Reports
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Models of BRICs' Economic Development and Challenges for EU Competitiveness (by Jayati Ghosh, Peter Havlik, Marcos P. Ribeiro and Waltraut Urban) wiiw Research Report No. 359, December 2009 73 pages including 5 Tables, 9 Figures and 1 Box FREE DOWNLOAD
Keywords: economic development, Brazil, Russia, India, China, the European Union, competitiveness JEL classification: G01, O21, O53, O54, O57 Countries covered: Brazil, China, European Union, India, Russia Topics: International Trade, Competitiveness and FDI, Macroeconomic Analysis and Policy, Sectoral studies |
Add to cartThe term BRICs puts under a common label the four largest fast growing emerging countries: Brazil, Russia, India and China. The BRICs show many common features, such as big land size, large population, fast economic growth etc., but important differences as well, due to their different models of economic development and resources endowments. In this report, we discuss the different models of economic development of the individual BRIC countries, with a special focus on their external relations (trade, FDI) and on likely future developments. Brazil is a domestically oriented service economy; Russia's economic development is heavily dependent on energy and raw material resources; the Indian economy is essentially service-led, supported by exports; and China's economic development is driven by manufacturing exports and investment. Finally, we explore the resulting future challenges and opportunities for EU competitiveness.
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