Political Economy of development PDF

Running head: POLITICAL ECONOMY
Political Economy
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1POLITICAL ECONOMY
Executive Summary:
This report has focused on the economical activity of each country under BRICS, which are,
Brazil, Russia, India, China and South Africa. To analyse economic performance of those
countries, this report has used GDP growth rate of each country. Moreover, share of those
countries on global economy has also mentioned to understand their impacts on world
economy. Based on those data and chief concepts of BRICS, this report has mentioned some
causes behind choosing those countries under BRICS.

2POLITICAL ECONOMY
Table of Contents
Introduction:...............................................................................................................................3
Economics performance of BRICS:...........................................................................................3
Economic performance of Brazil:..........................................................................................4
Economic performance of India:............................................................................................6
Economic performance of China:..........................................................................................7
Economic performance of South Africa:...............................................................................8
Reason for including within group:............................................................................................9
Facts for involving countries within BRICS:.........................................................................9
Economic contributions in the world market:......................................................................10
Conclusion:..............................................................................................................................13
References:...............................................................................................................................14

3POLITICAL ECONOMY
Introduction:
BRICS is the acronym of five countries that are Brazil, Russia, India, China and
South Africa, which are expanding their economy rapidly. Each country has influenced their
regional affairs significantly and all of them are members of G20 (Cooper & Farooq, 2017).
South Africa is the last country, which is added in this group in 2011. Headquarter of BRICS
is in Shanghai, China (Armijo & Roberts, 2014). According to economists, those countries
are going to dominate the world economy by 2050. In 2015, those countries have possessed
more than 3.1 billion people, which is almost 41% of total population of the world.
Moreover, those countries together are going to capture 23.2% of the world’s total national
income in 2018 (Rodionova, Chernyaev & Korenevskaya, 2017). The chief difference
between BRICS and the European Union is that, countries of BRICS do not have political
alliance or formal trading association within them like the second one. Those countries,
especially China and India are economically potential to form a strong economic bloc. To
maintain their cooperation, each country attends summit on the regular basis. The main
motive of BRICS is to develop their countries together through providing financial support
and assisting various infrastructure and projects and so on. For this reason, countries of
BRICS have established New Development bank (NDB), which is also known as BRICS
Development Bank and based on agreement (Cooper & Farooq, 2015). This bank is going to
support private and public projects through providing loans, equity participation and
guarantees.
Economics performance of BRICS:
The chief characteristic of each BRICS country is its developing economic
performance, which can be derived by their respective growth rate of gross domestic product
(GDP). Hence, it is essential to describe economic condition of those countries precisely.