In-depth Economic Analysis of Brazil, Russia, India and China Essay

In-depth Economic Analysis of Brazil, Russia, India and China - Essay Example The term BRIC was in a way, created in the year 2001 by Jim O’Neill. Since then, the term BRIC has rather evolved into a concept which refers to economic growth. Each of the four emerging nations owns most of the components required to attain superior economic development in the world of today (â€Å"EconomyWatch†, 2010). Country Profiles Brazil In terms of country area, Brazil is the fifth largest country in the world with the country size being 8,514,877 sq km. The estimated population of Brazil in 2012 is 205,716,890; which is also fifth largest in the world. The rate of population growth hovers around 1.1% while 87% of the country’s population resides in urban areas. The age structure of Brazil illustrates that 67% of the inhabitants lie in the age bracket of 15-64 years, which is a healthy sign for any growing economy. The literacy rate, which stands at 88.6%, is pretty encouraging. Portuguese is the state’s official language. As far as the division o f population on the basis of religion is concerned, 73.6% of the population is Roman Catholic while 15.4% is Protestant. Brazil achieved independence in the year 1822, after more than three hundred years of Portuguese rule. The country continued with a monarchical government system up till the abandonment of slavery in 1888, followed by a declaration of a republic in 1889. The coffee exporters used to politically control the country until Getulio Vargas assumed power in 1930. In the year 1985, Brazil acquired freedom from military and populist rule. Ever since, it has set itself on the expedition of industrial and agricultural development. Economy Review The economy of Brazil revolves around hefty and well-managed sectors of agriculture, manufacturing, mining and services; which have made Brazil an economic leader in South America. Since the year 2003, Brazil has gained strength on a macro-economic basis, with the piling up of foreign reserves in addition to betterment of debt posit ion. Brazil has been one of the initial economies to demonstrate a recovery after the 2008 recession. By securing the position of the world’s seventh biggest economy in 2011, Brazil has been able to comfortably outshine United Kingdom (â€Å"CIA†, 2012). Russia Russia enjoys the first position with respect to country size in the world, as it has a total area of 17,098,242 sq km. The country’s estimated population in 2012 is 138,082,178, which is ninth highest among all countries. The rate of population growth has been a negative 0.48%. 73% population is located in urban areas. With reference to economic standpoint, the age structure is a promising one with almost 71% of the country’s people in the age category of 15-64. The literacy rate is very high at 99.4%. With respect to religion, 15-20% of the population is Russian Orthodox while around 10-15% is Muslim. However, Russia is known for a large number of nonbelievers primarily because of the legacy left by the Soviet era. Russian has always been the official language of the country. After 2 centuries of Mongol rule, the Principality of Muscovy was established in the 12th century. Up till the 19th century, numerous territorial acquisitions were undertaken