Emerging Economies in Globalizing World

Question: Discuss about the Emerging Economies in Globalizing World. Answer: Introduction: The economies of Brazil, Russia, India and china are among the fast growing economies in the world with high chances of being dominant economies. However, there is competition from other economic partnerships like the G6 countries. The BRICs have made remarkable changes in economic, political and diplomatic spheres globally. Notably, BRICs has influential power,world Bank and International monetary fund reforms (Nieto, 2010) Brazil and Russia are likely to dominate the supply of raw materials whereas India and China are likely to dominate service and manufacturing industry. BRICs Economic dominance Aggregately, the economic size of BRIC countries will be larger than G6 in a period of 40years.Brazils economy will be larger than Italy by 2020.Similarly, Russia and China will be larger than Spain or Italy (Bajaj and Hooda,2010) India is likely to experience economic growth due to high population and infrastructure. Similarly, currency exchange rates of China is likely to double by 300% in 40 years. The united states of America is no longer a unipower with entry of Europe and China(Khann,2008) Noteworthy, Brazil, Russia and china have more oil reserves as compared to G6 s United states of America and Britain.Moreover, BRICs has among the largest foreign exchange reserves thus the assertion of economic dominance.Brics economy is likely to overtake G6 economy in 2027(Bajaj and Hooda,2010) However, oil consumption is high in the G6 countries despite China and India economic growth rates. Primarily, the United States leads in coal reserves followed by Russia and China. Notably, China is the largest market for industrialization in East Asia (The Economist, 2010) However, BRICS economies lead in collective coal reserves.Notably,BRICs companies increased fourfold in the Financial Times 500 list ranking hence an assertion of BRICs dominance.Notably,Brazil multinationals doubled their assets in 2006(The Economist,2010) Also, income and demographics are likely to be challenged by G6 economies.Citizens of G6 countries are likely to have higher living standards. Also, global spending in BRIC countries is expected to be higher in 2025 than G6 economic spending (Gauthier and Robinson,2011) Challenges facing the BRIC s Economy. Predominantly, G6 economies have higher military expenditures as compared to Russia and Brazil. The United States has the highest military budget followed by China (Gauthier and Robinson, 2011) Notably, Per capita income in BRIC countries in 2050 is expected to be lower than those of G6 economies with the exception of Russia. Arguably, the economic dominance of the BRICS countries is being challenged on other levels by other countries (Bajaj and Hooda,2010) Primarily, G6 countries have higher refinery capacity as compared to BRICS.Also, Russia and the United States produce the highest volume of natural gas in their respective blocs. However, the United States is likely to increase its production making G6 economy superior in natural gas production. Natural gas consumption is high in the United States of America and other G6 countries as compared to BRICs. Conclusion Undisputedly, BRICs is a strong economic partnership bloc with significant economic, social and political impact globally.Hence the assertion that its upcoming economic supremacy is undoubtable. References Bajaj ,R, Strivastava A and Hooda,D.S. (2010) GDP,Growth rate of the World, BRIC and G6 Economies. Research gate. Retrieved from https://www.researchgate.net/figure/266272497_fig1_Figure-1-GDP-Growth-Rate-of-World-BRIC-G6-Economies Gauthier J.M and Robinson M.L. (2011) If not BRICs, then what? Comparing BRIC s and G6 nations I n fossil fuels. Deloitte. Retrieved from https://www.deloitte.com.mx/documents/BoletinFactorChina/dtt_er_BRICDocumentbd62011.pdf Nieto, N. (2012) The influence of economic economies in international affairs. Scielo.Retrieved from https://www.scielo.br/scielo.php?pid=S0103-40142012000200011script=sci_arttexttlng=en The Economist, (2010). Special report:Innovation in emerging markets.The world turned upside down.The Economist. Retrieved from https://www.economist.com/node/15879369