Study of Output Convergence Pattern of BRIC Economies: Application of Fuzzy Mathematics
Abstract: The present paper tests the projected convergence pattern of per capita GDP of Brazil, Russia, India and China (also known as the BRIC economies) using a comparatively new technique, the fuzzy clustering algorithm. The analysis, based on Goldman Sachs annual report of 2003, shows that by the end of 2050, the projected per capita GDP of all the four countries will tend towards convergence as compared to 2000. According to the Report, by the end of 2050, the four countries will emerge as very strong economies of the world and together they will be greater in terms of GDP than the G6 countries (the US, Japan, the UK, Germany, France and Italy). In absolute terms, China will be the number one economy, followed by the US at second position and India at third position.
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Bibliographic InfoArticle provided by IUP Publications in its journal The IUP Journal of Applied Economics.
Volume (Year): VIII (2009)
Issue (Month): 3-4 (May-July)
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