4.1.1 Growing economies

• BRIC economies stand for Brazil, Russia, India and China.
• Superpowers are countries or groups of countries with economic, cultural and geopolitical influence. These can shift over time, declining and re-emerging.
• MINT economies stand for Mexico, Indonesia, Nigeria and Turkey, and are the emerging economic giants.
• An economy is the state of a country / region in terms of the production and consumption of goods / services as well as the supply of money. The large set of interrelated production and consumption activities that help in deciding how scarce resources are allocated
• Economic growth causes changes in employment patterns: women begin to work, migration increases, multi-jobs and home working increase, and people search for a better work / life balance.
• Economic growth causes countries emerging from poverty to diversify away from agriculture and traditional products
• As a result of economic growth, productivity rises and incomes expands. Growing economies’ citizens have increasing incomes; this, with low labour costs and proximity to the market makes emerging economies attractive
• Indicators of growth are GDP (Gross Domestic Product), Literacy level, health and HDI (Human Development Index)
• GDP (Gross Domestic Product) is the sum total of everything produced by a nation.
• Literacy rates are indicators of growth. The average literacy rate is 86.3%.
• Life expectancy is an indicator of growth. The World Health Organisation (WHO) record life expectancy, and the World Health League compares countries.
• HDI (Human Development Index combines life expectancy, education and income. It is used to rank countries into 4 tiers of human development.