Brazil, Russia, India and China (BRIC) are seen as the key new players Essay - 1

Brazil, Russia, India and China (BRIC) are seen as the key new players in the global economy - Essay Example The economic potential of BRIC countries is such that they could exceed the combined economies of the richest countries and become among the four most dominant countries in the world by 2050. The combined GDP of the BRIC countries of 18,486 trillion dollars make them the fastest growing emerging markets in the world (Murray, 2006). Among the BRIC countries China proved to be the most dominant and progressing, which is considered by others either as a threat or an opportunity. The current paper will briefly discuss the influence of BRIC countries on the global economic development with special emphasis on China as one of the largest and most promising markets (Rao, 1998). Despite the BRIC countries are not a political alliance as the European Union or formal trading association as ASEAN, their cooperation and combined actions are directed toward improving the political cooperation to confront the increasing influence of the United States in the major trade accords. It is expected that in the near future Brazil and Russia will become the dominant suppliers of raw materials for India and China that in their turn will become the dominant suppliers of manufactured goods and services (Goodman, 2005). In such a way, these four countries shown below might form the ideal combination of suppliers and manufacturers to provide the rest of the world with necessary goods and services. Table 1 in the Appendix shows the comparison between BRIC countries and G7 countries in terms of GDP. While in 2015 BRIC countries will have much less combined GDP of 13,653 US$ billions than G7 countries (GDP of 33,414 US$ billions), then by 2050 BRIC countries will be twice more p owerful in economic terms expecting 128,324 US$ billions in comparison to G7 GDP of 66,039 US$ billions. By entering the world economy and introducing changes and innovations in such fields as education, foreign investments, domestic