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Influence The BRIC summit Criticism Conclusion 2 The BRIC : The BRIC A grouping acronym referring to the countries of Brazil, Russia, India, and China. Term was first prominently used in a Goldman Sachs report from 2003. These countries aren’t a political alliance - but they have the potential to form a powerful economic bloc These four countries are among the biggest and fastest growing emerging markets Already BRIC accounts for: 40 per cent of the world's population, 25.9 per cent of its total geographic area, 40 per cent of global GDP 3 Dreaming with BRICs: The Path to 2050 : Dreaming with BRICs: The Path to 2050 BRICs’ currencies could appreciate by 300%, providing a big tailwind for investors in BRIC assets. By 2050, BRIC countries expected to account for over 40% of the world’s population, and 60% of global GDP. Taken together, the BRICs could be larger than the United States and the developed economies of Europe within 40 years. 4 Painting BRIC by numbers : Painting BRIC by numbers 5 INDIA:A Wise Elephant : INDIA:A Wise Elephant Globalization Forces of globalization set the stage for rapid rise of Indian economy Confluence of internal changes and external forces of globalization allowed India to leverage the power of English-speaking technical talent to produce powerful software for the global market. Key Advantages 1.15 billion people 2nd largest labor force: 516.3m people Approximately 2.5 million college graduates per year Those with graduate degrees and above have risen from 20.5 million in 1991 to 48.7 million in 2004 6 INDIA:A Wise Elephant : INDIA:A Wise Elephant Trends Number of people in absolute poverty has declined sharply Exports have boomed Foreign exchange reserves are ample for the first time in history Newfound economic dynamism has shifted the balance of leaders’ priorities from geopolitical goals to mutual economic interests. Challenges for the Future Improving governance Improving basic educational achievement Improving infrastructure and electrical capacity in cities Expanding technology industry 7 RUSSIA: A Smooth Political Transition : RUSSIA: A Smooth Political Transition An “easy case” for globalization Undue emphasis on economics over politics Disregard of cultural values Russia can still benefit from a globalized world without undertaking painful reform. Challenges for the Future Labor shortages and poorly developed infrastructure WTO membership and long-term growth of the manufacturing sector Reconciling ambitions as a major power with reality of current situation 8 THE ‘B’ IN BRIC:Unlocking Brazil’s Growth POTENTIAL : THE ‘B’ IN BRIC:Unlocking Brazil’s Growth POTENTIAL The uneasy emergence of an economic leader in Latin America One of the fastest growing economies in the last century But over-reliance on agricultural commodity exports resulted in a development marked by boom and bust Focus on equitable development has resulted in significant poverty reduction Brazilian economy becoming less dependent on exports A global leader in renewable fuels. Challenges for the Future Overburdened and ineffective judicial system 9 CHINA: Unleashing The ‘Caged Tiger’ : CHINA: Unleashing The ‘Caged Tiger’ How did China do it? China’s successes are associated with liberalization and globalization. China focused not only on opening economy, but also on institutionalizing globalization Assimilation of best practices from across the globe A Painful Transition State enterprise employment declined from 110 million in 1995 to 66 million in 2005 Urban-rural income gap is getting wider Environmental cost of industrialization. 10 CHINA: Unleashing The ‘Caged Tiger’ : CHINA: Unleashing The ‘Caged Tiger’ Key Advantages Broad expansion of educational achievement Rapid economic growth Resilience to global economic downturn Challenges for the Future Recognition as a global power requires adherence to international norms Continued reform of state-run enterprises. Demographic shifts threaten sustained growth. Navigating a complex relationship with US and world. 11 Shared Challenges & Opportunities : Shared Challenges & Opportunities Challenges The face of poverty in 20th century was rural children. The face of poverty in the 21st century will be the urban elderly. Making the global system more accommodating to diverse cultures and values Opportunities “Inclusive growth” critical for sustained globalization (politically) in developing countries, because potential lies in bringing up all 12 BRIC and International politics : BRIC and International politics Influence on “New world order”. U.S troops has been deployed in Afghanistan for more than 8 years without any substantive outcome. Afghanistan is close to China, India and Russia. The controversial question of Iran. Russia, China and India could secure more proximity to the region. BRIC cooperation is not solely an anti-U.S., or anti-western phenomenon, but is based on deeper common interests. Improve Bargaining Position with Western Countries. Stabilize International Environment and Prevent Encirclement 13 INFLUENCE : INFLUENCE Account for 15% of the global economy and 42% of global currency reserves. Between 2000 and 2005, the BRICs contributed roughly 28% of global growth in US dollar terms and 55% in purchasing power parity (PPP) terms. Their share of global trade continues to climb at a rapid rate. At close to 15% currently, it is now double its level in 2001. The BRIC’s share of oil demand is moving steadily higher, with an estimated 18% share in the current year 14 BRIC Summit… Aftermath : BRIC Summit… Aftermath The BRIC countries met for their first official summit on 16 June 2009, in Yekaterinburg, Russia. Discussed the current global financial crisis, global development, and further strengthening of the BRIC group. Attacked the role of dollar as the primary international currency & suggested new global reserve currency that is 'diversified, stable and predictable'. Issued a joint statement on global food security, calling for "action by all governments and the relevant international agencies“ 15 Criticism : Criticism Understatement of GDP growth in China which predicts growth falling far below normal development. The BRIC’s dream isn’t green. Nothing more than a neat acronym for the four largest emerging market economies. BRICs doesn’t have a concrete and constructive agenda for change or vision for a future world order. It is not clear what BRIC would do even if they were given the opportunity to remake the international order. 16 Conclusion : Conclusion The Importance of the U.S. The BRICs have come together in a political grouping in a way that has far exceeded most expectations. Although BRIC cooperation has been significant, intra-BRIC competition and rivalry are important limits on how much further BRIC cooperation can go. 17 Group Is Open For Questions………. : Group Is Open For Questions………. 18 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.