The rise and fall of the BRICs
In 2001, Jim O’Neil looked at the GDP standings of the world economies and using GDP projections observed that Brazil, Russia, Indian and China (the BRICs) share of world GDP was set to rise dramatically. Paper available here for reference: (November 30, 2001).
Analyze why Jim O’Neill was not correct about his argument on the BRIC countries arguing and that the BRICS era is over.
Structure the essay along the following arguments:
1. The rise of the BRICS can be more accurately described as the rise of China and India
2. Political and economic issues have held back economic progress in Russia and Brazil particularly during the last decade ie 2010-20 (because of weak institutions, too much reliance on commodities, poor fiscal policies etc)
3. The BRIC countries collectively are not going to be a threat to other nations. Why? Diverging economic models and. Other nations with more potential i.e. Vietnam, Thailand, Mexico, Indonesia
4. Conclude with the point that the BRIC countries will become increasingly irrelevant and will not be able to rival the G7 and the Western nations. Why? You need more than growth to rival the current superpowers i.e. soft power, culture