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Top2. Importance Of India And China As Bric Countries
Much attention has been directed away from developed countries and toward emerging economies, and in particular, the BRIC countries (Brazil, Russia, India and China) the four largest developing markets in the world (Barnes et al., 2011; Yen et al., 2011). These emerging economies tend to be very heterogeneous in nature on the political, economic, cultural and institutional levels. Understanding the directional vectors of business culture and structure is of paramount importance to policy makers, academics, and those who want to do business in these countries (Ardichvili et al., 2012). Today, India and China are both the fastest growing and largest emerging markets economies and are seen as global growth engines. They are home to almost three billion people, or just under half of the total population of the world. They are slated by many to be the leading future super powers. India and China have exhibited phenomenal growth rates over the past decade, given the size of their population and the differences in their business structure compared to the West. Table 1 sheds light on the importance of the BRIC countries for international business.
Table 1.
The importance of BRIC countries in international business
| Indicator | Brazil | Russia | India | China |
| Population (2011) | 197 | 143 | 1.241bn | 1.346bn |
| Total Area (SqM) | 8.514 | 7.098 | 3.287 | 9.600 |
| Density Inhab./SQK | 22.4 | 8.3 | 382 | 141 |
| GDP (US$) 2011 | 2,518 | 1,885 | 1,843 | 6,988 |
| GDP Per Capita (US$ - 2011) | 12,917 | 13,236 | 1,527 | 5,184 |
GDP Avg. Growth Rate
2011 – 2014 (Projected as of 04/ 2011) | 4.2% | 4.5% | 8.1% | 9.5% |
| FDI (2010) US$ M | 11.5 | 51.7 | 14.6 | 68 |
| HDI 2011 (2010) | 0.808
(0.800) | 0.755
(0.751) | 0.547
(0.542) | 0.687
(0.682) |
| Global Competition Index | 58 | 63 | 51 | 21 |
| Share of Global Trade (2010) | 1.2% | 2.3% | 1.8% | 9.2% |
| Share of Global FDI (2010) | 3.9% | 3.3% | 2% | 8.5% |
Source: IMF, World Investment Report, UNCTAD, World Bank