bric currency issues
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8/8/2019 BRIC Currency Issues
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BRIC CURRENCIES
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BRIC countries
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BRICS
The acronym was prominently used by Jim O'Neill of Goldman Sachs in 2001. According to a paper published in 2005, Mexico and South Korea are theonly other countries comparable to the BRICs, but their economies wereexcluded initially because they were considered already more developed.Goldman Sachs argued that, since they are developing rapidly, by 2050 thecombined economies of the BRICs could eclipse the combined economies
of the current richest countries of the world.The four countries, combined, currently account for more than a quarter of the
world's land area and more than 40% of the world's population. GoldmanSachs did not argue that the BRICs would organize themselves into aneconomic bloc, or a formal trading association, as the European Union hasdone. However, there are some indications that the "four BRIC countrieshave been seeking to form a 'political club' or 'alliance'", and therebyconverting "their growing economic power into greater geopolitical clout".
On June 16, 2009, the leaders of the BRIC countries held their first summit inYekaterinburg, and issued a declaration calling for the establishment of amultipolar world order.
Wikipedia
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Goldman Sachs (2007) Second Follow-up reporton the BRICs
This report compiled by lead authors Tushar Poddar and Eva Yi gives insightinto "India's Rising Growth Potential". It reveals updated projection figuresattributed to the rising growth trends in India over the last four years.Goldman Sachs assert that "India's influence on the world economy will bebigger and quicker than implied in our previously published BRICs
research". They noted significant areas of research and development, andexpansion that is happening in the country, which will lead to the prosperityof the growing middle-class.
"India has 10 of the 30 fastest-growing urban areas in the world and, based oncurrent trends, we estimate a massive 700 million people will move to citiesby 2050. This will have significant implications for demand for urban
infrastructure, real estate, and services."
In the revised 2007 figures, based on increased and sustaining growth, moreinflows into foreign direct investment, Goldman Sachs predicts that "from2007 to 2020, India's GDP per capita in US$ terms will quadruple", and thatthe Indian economy will surpass the United States (in US$) by 2050. Itstates that the four nations as a group will overtake the G7 in 2032.
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Exchange Rate Regimes of other
major trading economies w/India Independently floating: USA, Japan
Independently floating with inflation
targeting framework: UK, Canada & 13other developed & newly developedcountries
Exchange with no separate legal tender:Euro area. Xchange rate determined bymarket forces