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BRICS is the acronym for an association of five major emerging national economies:Brazil,Russia,India,China and South Africa.The grouping was originally known as“BRIC”before the inclusion of South Africa in 2010.The BRICS members are all developing or newly industrialised countries,but they are distinguished by their large,fast-growing economies and significant influence on regional and global affairs;all five are G-20 members.Since 2010,the BRICS nations have met annually at formal summits.Russia currently holds the chair of the BRICS group,and host the group‘s seventh summit in July 2015.
As of 2014,the five BRICS countries represent almost 3 billion people,or approximately 40%of the world population;as all five members are in the top 25 of the world by population,and four are in the top 10.The five nations have a combined nominal GDP of US＄16.039 trillion,equivalent to approximately 20%of the gross world product,and an estimated US＄4 trillion in combined foreign reserves.
Developments
The BRICS Forum,an independent international organization encouraging commercial,political and cultural cooperation between the BRICS nations,was formed in 2011.In June 2012,the BRICS nations pledged＄75 billion to boost the lending power of the International Monetary Fund(IMF).However,this loan was conditional on IMF voting reforms.In late March 2013,during the fifth BRICS summit in Durban,South Africa,the member countries agreed to create a global financial institution which they intended to rival the western-dominated IMF and World Bank.After the summit,the BRICS stated that they planned to finalize the arrangements for this New Development Bank by 2014.However,disputes relating to burden sharing and location have slowed down the agreements.
At the BRICS leaders meeting in St.Petersburg in September 2013,China committed＄41 billion towards the pool;Brazil,India and Russia＄18 billion each;and South Africa＄5 billion.
On 15 July,2014,the first day of the BRICS 6th summit in Fortaleza,Brazil,the group of emerging economies signed the long-anticipated document to create the US＄100 billion New Development Bank(formerly known as the“BRICS Development Bank”)and a reserve currency pool worth over another US＄100 billion.Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also inked.
Four Asian Tigers
The Four Asian Tigers or Four Asian Dragons is a term used in reference to the highly free and developed economies of Chinese Hong Kong,Singapore,South Korea,and Chinese Taiwan.These nations and regions were notable for maintaining exceptionally high growth rates(in excess of7 percent a year)and rapid industrialization between the early 1960s(mid-1950s for Chinese Hong Kong)and 1990s.By the end of the 20th century,all four had developed into advanced and high-income economies,specializing in areas of competitive advantage.For example,Singapore Chinese Hong Kong and have become world-leading international financial centers,whereas South Korea and Chinese Taiwan are world leaders in manufacturing information technology.Their economic success stories have served as role models for many developing countries or regions,especially the Tiger Cub Economies.
Overview
Prior to the 1997 Asian financial crisis,the growth of these four Asian tiger economies(commonly referred to as,“The Asian Miracle”)has been attributed to export oriented policies and strong development policies.Unique to these economies were the sustained rapid growth and high levels of equal income distribution.A World Bank report suggests two development policies among others as sources for the Asian miracle:factor accumulation and macroeconomic management.
Chinese Hong Kong‘s economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s.By the 1960s,manufacturing in Chinese Hong Kong had expanded and diversified to include clothing,electronics and plastics for export orientation.Following Singapore‘s independence from Malaysia,the Economic Development Board formulated and implemented economic strategies to promote the nation‘s manufacturing sector.Industrial estates were set up and foreign investment was attracted the nation with tax incentives.Meanwhile,Chinese Taiwan and South Korea began to industrialize in the mid1960s with heavy government involvement including initiatives and policies.Export-orientated industrialization as in Chinese Hong Kong and Singapore was followed by both Chinese Taiwan and South Korea.
By the end of the 1960s,levels in physical and human capital amongst the four countries far exceeded other countries or regions at similar levels of development.This subsequently led to a rapid growth in per capita income levels.While high investments were essential to the economic growth of these countries and regions,the role of human capital was also important.Education in particular is cited as playing a major role in the Asian miracle.The levels of education enrollment in the four Asian tigers were higher than predicted given their level of income.By 1965,all four countries and regions had achieved universal primary education.South Korea in particular had achieved a secondary education enrollment rate of 88%by 1987.There was also a notable decrease in the gap between male and female enrollments during the Asian miracle.Overall these progresses in education allowed for high levels of literacy and cognitive skills.
The creation of stable macroeconomic environments was the foundation upon which the Asian miracle was built.Each of the four Asian tigers managed,to various degrees of success,three variables in:budget deficits,external debt and exchange rates.Each tiger‘s budget deficits were kept within the limits of their financial limits,as to not destabilize the macro-economy.South Korea in particular had deficits lower than the OECD average in the 1980s.External debt was non-existent for Chinese Hong Kong,Singapore and Chinese Taiwan,as they did not borrow from abroad.Although South Korea was the exception to this,its debt to GNP ratio was quite high during the period 1980-1985,and it was sustained by the nation‘s high level of exports.Exchange rates in the four Asian tigers had been changed from long-term fixed rate regimes to fixed-but-adjustable rate regimes with the occasional steep devaluation of managed floating rate regimes.This active exchange rate management allowed the 4 tiger economies to avoid exchange rate appreciation and maintain a stable real exchange rate.
Export policies have been the de facto reason for the rise of these four Asian tiger economies.The approach taken has been different among the four countries and regions.Chinese Hong Kong,and Singapore introduced trade regimes that were neoliberal in nature and encouraged free trade,while South Korea and Chinese Taiwan adopted mixed regimes that accommodated their own export industries.In Chinese Hong Kong and Singapore,due to small internal markets,internal prices were linked to external prices.South Korea and Chinese Taiwan introduced export incentives for the traded-goods sector.The governments of Singapore,South Korea and Chinese Taiwan also worked to promote specific exporting industries,which were termed as an export push strategy.All these policies helped these four countries and regions to achieve a economic growth averaging 7.5%each year for three decades and as such they achieved developed economic status.
1997 Asian financial crisis
The 1997 Asian financial crisis had an impact on all of the four Asian tiger economies.South Korea was hit the hardest as its foreign debt burdens swelled resulting in its currency falling between 35%and 50%.By the beginning of 1997,the stock market in Chinese Hong Kong,Singapore,and South Korea also saw losses of at least 60%in dollar terms.However,four Asian tigers recovered from the 1997 crisis faster than other countries due to various economic advantages including their high savings rate(except South Korea)and their openness to trade.
2008 financial crisis
The export-oriented economies of the four Asian tigers which benefited from American consumption,were hit hard by the financial crisis of 2007-2008.By the fourth quarter of 2008,the GDP and GRDP of all four countries and regions fell by an average annualized rate of around 15%.Exports also fell by a 50%annualized rate.Weak internal demand also affected the recovery of these economies.In 2008,retail sales fell 3%in Chinese Hong Kong,6%in Singapore and 11%in Chinese Taiwan.
As the world recovers from the financial crisis,the four Asian tiger economies have also rebounded strongly.This is due in no small part to each tiger‘s government fiscal stimulus measures.These fiscal packages accounted for more than 4%of each tiger‘s GDP and GRDP in 2009.Another reason for the strong bounce back is the modest corporate and household debt in these four countries and regions.
GDP
In 2013,the combined economy of the Four Asian Tigers constituted3.81%of the world‘s economy with a total GDP and GRDP of 2 366 billion US dollars.The GDP and GRDP in Hong Kong,Singapore,South Korea and Chinese Taiwan was worth 274.01 billion,297.94 billion,1 304.55 billion and489.21 billion US dollars respectively in 2013,which represented 0.44%,0.48%,2.10%and 0.79%of the world economy.Together,their combined economy is close to United Kingdom‘s GDP of 4.07%of the world‘s economy.