Brazil has the largest economy of any of the South American countries, due to the fact that it is strong in a variety of fields including service, ores, agriculture and manufacturing. It was hit by the global slump after delivering extraordinary growth rates in 2007 and 2008, however would seem to be recovering somewhat quicker than European and US economies.

The economy of India has grown massively in the last few years, aided by the manufacture and industry framework. But where India has really benefitted is from the outsourcing of work out of developed organizations. There has been a significant amount of IT outsource India, along with call centre and software development outsourcing.

S Africa is one of only 4 places in the African continent to be rated as a wealthy economic system by the International Monetary Fund. Much of the economic development in South Africa is built around the 4 largest urban conurbations. A lot of the rest of South Africa is extremely impoverished. Sources of income for S Africa are fossil fuels, agriculture and to a lesser extent manufacturing. S Africa is going to be an increasingly renowned vacation location.

China has seen extraordinary growth thanks to the latest market-place liberalisation laws. Over the last 3 decades the country has averaged a development rate of 8 pc of gross domestic product. It is now the 2nd largest economy on the planet behind the States, and many people think that it will overtake the US by the end of the 21st century.

At this point in time it would seem unlikely that the solution to the worldwide financial slump is going to come from western economies. Over 2011, virtually half the economic expansion for the entire globe was created by Brazil, Russia, India and China.

Over the 21st century so far, Russia saw solid expansion, but it was hit hard by the global financial slump, and development rates ground to a halt because of Russia’s over-reliance on commodity exports.
Russia might need to modernise its ageing transport system if it is to stay apace of the fast expansion rates being registered by the other BRICS.