the group of seven (G7) is a forum of seven of the world's largest advanced economies, based on high national income, developed financial markets, and industrial capacity
countries: USA, UK, Germany, France, Italy, Canada, Japan
global economies
an emerging economy is one in which the country is becoming a developed nation often driven by relatively high economic growth and a rapid expansion of trade and investment flows
developing economies
war/conflict
low incomes
lack infrastructure
poor healthcare/education
low HDI
emerging countries
rapid economic growth
improving living standards
developed economies
security
high income
advanced technology infrastructure
good literacy
higherHDI
emerging markets
seen as one with rapid growth
high risk investment
emerging markets are seeing an increase in average incomes = growing middle class
= demand for domestic/international goods
BRICS/MINT
BRICS
Brazil, Russia, India, China, South Africa
large populations
fast-growing economies
increasing influence
MINT
Mexico, Indonesia, Nigeria, Turkey
young growing populations
strategic geographical positions
untapped economic potential
not yet as globally influential as BRICS
emerging economies
have growing middle class with increasing incomes
allows their citizens to spend more on domestic goods and imported goods from abroad
profitability of international firms increases by selling in emerging economies
what is happening if an economy is growing?
key indicators:
rising GDP per capita
improved literacy rates
improved health - life expectancy
HDI - Human Development Index
single measure including health, income and education
