Impact of Globalisation on BRIC

By

ACKNOWLEDGEMENT

I would like to thank my supervisors, friends and family, without their support this research study would not have been possible.

DECLARATION

I adjudge that the entire content of this dissertation is entirely my own work; the content used in this dissertation has not been submitted before in any educational institution and represents my own opinion.

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ABSTRACT

The purpose of this study is to assess the globalisation factors in relation to BRIC countries. The positive and negative impact of globalisation is evaluated by the existing secondary sources and study prognosticates the future of BRIC countries. BRIC countries economic potential remains above average. The secondary research findings proved that globalisation has impacted positively to the BRIC countries as through transformation the banking system is looking for recovery. Globalisation results in readjustments between developed and BRIC economies. Advancement in technology can be seen in the healthcare, businesses and educational sectors in order to compete globally and take competitive edge over others. The secondary research findings depicted that globalisation has impacted positively on BRIC countries economy as from 2000 to 2008 their combined share in world economic output arose from sixteen to twenty two percent. BRIC countries imminent development indicators depicted that sharp contrast is existed between China and the other BRIC countries in GDP, UNDP's Human Development Index (HDI), and merchandise exports. Thus, it can be concluded that globalisation has impacted BRIC countries positively.

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

Background of the study1

Problem statement1

Research Aims and Objectives2

Aims2

Objectives2

Primary Objectives2

Secondary research objectives3

Research Questions3

Significance of the Study3

Dissertation Organisation3

CHAPTER 2: LITERATURE REVIEW5

BRIC Economies5

Globalisation and BRIC Economies6

Positive Impact of Globalisation on Economies7

Negative Impact of Globalisation on Economies9

CHAPTER 3: METHODOLOGY11

Research design11

Research method11

Data collection14

Content and archival Data Collection Methods14

CHAPTER 4: ANALYSIS AND DISCUSSION15

Research question 1:15

Impact of Globalisation on Bric Economies15

Research question 223

Growing BRIC Middle Class23

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS26

Recommendations27

REFERENCES28

CHAPTER 1: INTRODUCTION

Background of the study

BRIC countries consist of four developing countries like Brazil, Russia, India and China. In terms of their demographics and economic environment, these countries are different from other emerging markets. These countries have the potential demographic as well as economic wise to become the world's largest economies in 21st century. Of world population, these BRIC countries are consisted of over 2.8 billion people and 40% population. In 2001, Jim O' Neill, a global economist at Goldman Sachs coined the term “BRIC nations” for the four major emerging economies in the world; Brazil, Russia, India and China. In 2010, South Africa was added to the list and a new term called the “BRICS” was coined. According to O'Neill, these nations have the potential to be among the most dominant economies by 2050. In his most recent book The Growth Map: Economic Opportunities in the BRICS and beyond, O'Neill included eleven other nations called the N-11 nations and has reviewed the accuracy of his original prediction about the BRIC nations by examining their development paths during the past decade. In the journey towards development, all of these four nations face unique challenges related to their own social, political, economic and ...