Answer to Question #207643 in Management for Bob

Question

Briefly describe the BRIC countries and their expected role in the 21st century economy.

Answer 1

Brazil, Russia, India, and China (BRIC) are developing countries that are expected to be the future dominating providers of manufactured products, services, and raw resources by 2050. China and India will become the world's leading providers of manufactured products and services, respectively, while Brazil and Russia will take on comparable roles as raw material suppliers. Due to cheap labor and manufacturing costs, economists think these four countries will become major providers of manufactured products, services, and raw materials by 2050.

Critics claim that the countries' raw materials are unlimited, and that the growth models overlook the finite nature of fossil fuels, uranium, and other vital and extensively utilized resources.