EQ1 Rise of the BRICs Flashcards
What does BRICS stand for?
Brazil, Russia, India, China and South Africa
What are common characteristics of BRICS countries?
Emerging superpowers with strong economic growth, large populations, natural resources, and growing industry
How has Russia’s economic growth primarily been achieved?
Based in fossil fuel exports
What role do fossil fuel reserves play in Russia’s economy?
Used as an economic and political lever
What is a key factor in China’s economic growth?
Low-cost manufacturing in Free Trade zones
What sector is rapidly growing in China besides manufacturing?
Services
How did India’s growth trajectory differ from that of other BRICS countries?
Skipped manufacturing and focused on services, especially IT and telephone services
What issue does India’s infrastructure face?
It could not cope with large scale manufacturing
What economic trend has occurred in Brazil?
Growth of the middle class and reduction of poverty
What are Brazil’s strengths as a BRICS country?
- Strong agricultural economy and exporter
- Energy dependent on oil and biofuels
- Growing middle class and maturing consumer economy
What are Brazil’s weaknesses as a BRICS country?
- Small military with only a regional intervention capacity
- Education levels lag behind competitors
- Needs to control the destruction of its forests
- Economy suffers with ‘boom and bust’ phases
What is India’s population rank in the world?
World’s largest population
What is India’s annual economic growth rate?
7% per year
What are India’s strengths as a BRICS country?
- Growing working age population
- Largest number of military personnel in the world
What are India’s weaknesses as a BRICS country?
- Poor transport and energy infrastructure
- Very high levels of poverty
- Poor political relations with its neighbors, especially Pakistan
What are Russia’s strengths as a BRICS country?
- Nuclear power with very large military capacity
- Huge oil and gas reserves are a source of wealth
What are Russia’s weaknesses as a BRICS country?
- Ageing and declining population, which is also unhealthy
- Extreme levels of inequality
- Economy is overly dependent on oil and gas
What are China’s strengths as a BRICS country?
- Highly educated, innovative population
- Soon to be world’s largest economy
- Leads in fields like renewable energy and modern infrastructure
What are China’s weaknesses as a BRICS country?
- Will soon have problems with ageing population
- Major pollution issues: air and water quality
- Relies on imported raw materials
- Plays a limited geopolitical role: not yet a leader on the global stage
