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Will the Growth of the BRICs Cause a Shift in the Global Balance of Economic Power in the 21st Century?

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  • Kalim Siddiqui

Abstract

Some 42% of the world’s population (i.e., 3 billion people) live in Brazil, Russia, India, and China, collectively known as BRICs. Of these four, India and Brazil also have a higher than average birth rate. The combined economy of the BRICs made up 25.6% of the global GDP in 2015 and has been projected to increase to 33% by 2020. Studying the BRICs economies is important for a number of reasons, including their rapid economic growth rates, large populations, and fast-growing markets for goods and capital. Their average per capita annual income ranges from about US$3,000 to nearly US$15,000 in PPP terms. However, in 2015 their average annual GDP growth exceeded 6%, which is much higher than the 1.9% of the OECD countries. It is estimated that their share in the world economy could double over the next two decades, from 25.6% to 40%.

Suggested Citation

  • Kalim Siddiqui, 2016. "Will the Growth of the BRICs Cause a Shift in the Global Balance of Economic Power in the 21st Century?," International Journal of Political Economy, Taylor & Francis Journals, vol. 45(4), pages 315-338, October.
    • Handle: RePEc:mes:ijpoec:v:45:y:2016:i:4:p:315-338
    DOI: 10.1080/08911916.2016.1270084
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    2. Cornia, Giovanni Andrea (ed.), 2014. "Falling Inequality in Latin America: Policy Changes and Lessons," OUP Catalogue, Oxford University Press, number 9780198701804, Decembrie.
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    1. Kakran, Shubham & Sidhu, Arpit & Kumar, Ashish & Ben Youssef, Adel & Lohan, Sheenam, 2023. "Hydrogen energy in BRICS-US: A whirl succeeding fuel treasure," Applied Energy, Elsevier, vol. 334(C).
    2. Jha, Amit Prakash & Singh, Sanjay Kumar, 2022. "Future mobility in India from a changing energy mix perspective," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 706-724.
    3. Sun, Yunpeng & Ajaz, Tahseen & Razzaq, Asif, 2022. "How infrastructure development and technical efficiency change caused resources consumption in BRICS countries: Analysis based on energy, transport, ICT, and financial infrastructure indices," Resources Policy, Elsevier, vol. 79(C).
    4. Md. Kausar Alam & Mosab I. Tabash & Mabruk Billah & Sanjeev Kumar & Suhaib Anagreh, 2022. "The Impacts of the Russia–Ukraine Invasion on Global Markets and Commodities: A Dynamic Connectedness among G7 and BRIC Markets," JRFM, MDPI, vol. 15(8), pages 1-20, August.

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