Answer to Question #208101 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 suppliers of manufactured goods, services, and raw materials by 2050. China and India will overtake the United States as the world's leading providers of manufactured goods and services, respectively, while Brazil and Russia will overtake the United States as the world's leading suppliers of raw materials. South Africa joined the group, which is now known as BRICS, in 2010. The BRICS (Brazil, Russia, India, China, and South Africa) are the world's most powerful developing economies. They have been marked by fast economic expansion and industrialization, particularly in the previous decade. As a result, their role in international politics is shifting from that of aid beneficiaries to that of substantial fund givers.

BRICS must stay relevant if each of its members assesses the initiative's prospects and inherent constraints realistically. They will discover topics that they all care about and build venues to confront them. New political realities, on the other hand, will force the BRICS countries to rethink their strategy and recommit to its fundamental principles. The countries express their commitment to a multipolar world in which sovereign equality and democratic decision-making are possible. They will only address the asymmetry of power inside the group and in global governance as a whole if they do so. By taking this approach multilateralism will get strengthened. These will expand on the NDB's success by investing in more BRICS institutions. The BRICS will build an institutional research wing, similar to the OECDs, that may give answers that are different from western-led knowledge paradigms and better suited to the developing world. Members of the BRICS group support direct communication with their people. In the internet age, seamless conversations between people, businesses, and universities can establish partnerships that are more likely to cement the alliance's future than any government efforts.