Homework 2: (Take notes to hand in for credit.) 1. Go to the IMF website (http://www.imf.org/external/index.htm). Check BRIC web information there and via Google....

1. A. What are the BRIC countries?
The BRIC countries are a group of four countries, Brazil, Russia, India and China which
are perceived to be at a similar stage in economic development. All these four countries are the
world’s fastest growing economies poised to become the most dominant by the year 2050.
They have a total coverage of 25% of the world’s land with 40% of the world’s population and
a combined GDP of more than $18 trillion.
B. What is different between developed countries and BRIC countries?
Developed countries are countries with highly developed economies, the best
infrastructure and technological capabilities with high levels of industrialization in comparison
to the less developed nations. Industrial growth has already happened in these countries. These
are in contrast to the BRIC nations which are still in the process of industrialization. The
quality of life and the standard of living in developed countries would be much better than
those in the BRIC countries. However the growth rate for the developed countries has now
slowed down whereas the BRIC nations are growing rapidly. Organizations in these developed
countries are increasingly outsourcing their work to BRIC nations to lower costs...