7.3A Emerging countries

• BRIC countries:

  • Brazil
  • Russia
  • India
  • China
  • China is seen as the greatest rival to the dominance of USA as outlined previously
• G20 members:

  • There are other members of the G20 who are increasingly powerful
  • The EU is the largest trading bloc in the world
  • Other emerging powers in the G20 include Asian economies of Indonesia, Japan and South Korea
• Importance of emerging nations:

  • High rates of economic growth
  • over the period 2004-09 emerging economies accounted for 63% of the increase in global output
  • stimulates demand for industrial country output