The International Finance Corporation, the private arm of the World Bank, has announced 2006 as the year of emerging markets. The fast growth rate of developing economies, market potential and extension of advantages to innovation, over and above labor-cost economies, complementary resource potential, and high market capitalization are some of the reasons behind the focus on this segment in the path of global expansion.Globalization has thus become an irresistible force, a compulsive phenomenon for all companies across the globe. In recent years, economists have identified a number of countries that are at the epicenter of globalization. Among them, four countries have been identified as poised to fuel global expansion—Brazil, Russia, India and China—which have lately come to be known as the BRIC economies, popularized by the Goldman Sachs report. These countries have the economic potential to become the most dominant economies by the year 2050, while encompassing over 40% of the world’s population. According to PricewaterhouseCoopers’ 9th Annual Global CEO Survey, 71% of the 1410 CEOs surveyed from 45 countries said that their companies had plans to do business at least in one of the BRIC countries over the next three years.This book introduces the BRIC economies, the reform mood that has set in, the economic outlook of these four countries, their rising significance in the world economy and the various nuances of doing business in the BRIC countries.
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