A future global economy to be built by BRICs

The combined economies of Brazil, Russia, India and China (BRICs) appear likely to become the largest global economic group by the middle of this century. Our paper summarizes the features of each economy that justify this forecast, and highlights some of the country-specific obstacles that could pr...

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Bibliographic Details
Published in:	Global finance journal Vol. 18; no. 2; pp. 143 - 156
Main Authors:	Cheng, Hui Fang, Gutierrez, Margarida, Mahajan, Arvind, Shachmurove, Yochanan, Shahrokhi, Manuchehr
Format:	Journal Article
Language:	English
Published:	Greenwich Elsevier Inc 01-01-2007 Elsevier Elsevier Science Ltd
Series:	Global Finance Journal
Subjects:	Brazil, Russia, India, China BRICs Doing business survey Economic development Economic forecasts Economic growth Financial markets Global economy Law and economics Studies Brazil China India Russia BRICs Law and economics Financial markets Doing business survey L1 P5 K2 G0 F0 E0 Brazil, Russia, India, China Economic development Economic growth
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Summary:	The combined economies of Brazil, Russia, India and China (BRICs) appear likely to become the largest global economic group by the middle of this century. Our paper summarizes the features of each economy that justify this forecast, and highlights some of the country-specific obstacles that could prevent its realization. Specifically, we contribute an analysis of the relative difficulty of doing business within each country and discuss how this, combined with a lack of long-term conditions to promote growth, affects the potential of these markets to lead the future world economy.
ISSN:	1044-0283 1873-5665
DOI:	10.1016/j.gfj.2006.04.003