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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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    References listed on IDEAS

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    1. Ocampo, Jose Antonio & Stiglitz, Joseph E. (ed.), 2008. "Capital Market Liberalization and Development," OUP Catalogue, Oxford University Press, number 9780199238446.
    2. Cornia, Giovanni Andrea (ed.), 2014. "Falling Inequality in Latin America: Policy Changes and Lessons," OUP Catalogue, Oxford University Press, number 9780198701804.
    3. Frederic S. Mishkin, 2004. "Can Inflation Targeting Work in Emerging Market Countries?," NBER Working Papers 10646, National Bureau of Economic Research, Inc.
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    3. 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).
    4. Ghaemi Asl, Mahdi & Ben Jabeur, Sami, 2024. "Could the Russia-Ukraine war stir up the persistent memory of interconnectivity among Islamic equity markets, energy commodities, and environmental factors?," Research in International Business and Finance, Elsevier, vol. 69(C).
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    6. 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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