{
  "title": "IMF Survey: BRICs Drive Global Economic Recovery",
  "publication": "IMF News, July 22, 2009",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/53/sorea072209a",
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  "summary": "We may be witnessing the emergence of a new world order, with countries such as Brazil, Russia, India, and China supplanting the industrial countries as the lead economic powers, write Mario Lettieri and Paolo Raimondi.",
  "publishDate": "2009-07-22",
  "sections": [
    {
      "heading": "Shifting global balance and BRICs’ economic weight",
      "content": "- BRICs (Brazil, Russia, India, China) represent 40 percent of the world’s population.\n- BRICs account for 25 percent of global GDP.\n- BRICs leaders met in Yekaterinburg (Russia) on June 16; meetings included representatives of the Shanghai Cooperation Organization (SCO).\n- The Economist noted emerging “decoupling” between emerging markets and advanced Western economies in its June 20 issue."
    },
    {
      "heading": "Structural characteristics bolstering BRICs’ autonomy",
      "content": "- Exports are a relatively smaller share of GDP in some BRICs: in Brazil and India, exports are less than 15 percent of GDP.\n- Presence of sizable domestic markets, industrial and technological diversification, major government infrastructure investment programs, and smoother financial liberalization post-1997-98 Asian crisis underpin greater autonomy.\n- Trade among BRICs is surging and is often settled in local currencies rather than in dollars."
    },
    {
      "heading": "Country-specific developments and indicators",
      "content": "- China:\n  - Launched a program involving $600 billion of investment in the sectors of the real economy by November 2008.\n  - Despite a 25 percent decline in exports, the Chinese economy in the first half of 2009 grew by 6 percent.\n  - The Chinese automobile market has surpassed the U.S. market; three years earlier it was at 50 percent (relative to U.S. market size).\n- India:\n  - Recorded 4 percent growth.\n  - Expanding beyond textiles and cheap electronics into shipbuilding, chemicals, steel, and communications.\n- Russia:\n  - Suffered greater fallout from plunging commodity prices.\n- Brazil:\n  - Economy undergoing consolidation."
    },
    {
      "heading": "BRICs’ policy priorities and proposed reforms",
      "content": "- Four-pronged approach to the financial crisis:\n  - Decisive regulation of global financial markets.\n  - An orderly move away from the existing global monetary system based solely on the dollar.\n  - Reorganization of the IMF, including a more important role for Special Drawing Rights as a transitional instrument in international reserve facilities.\n  - Longer-term creation of a new multipolar monetary system based on a basket of currencies."
    },
    {
      "heading": "Implications and prescriptions",
      "content": "- The BRICs are operating with a high degree of independence, consolidating relationships with one another rather than waiting for the United States to lead.\n- Investment in major infrastructure projects, technological innovation, and environmentally conscious execution are identified as engines of growth and development, including for heavily indebted countries.\n- The article suggests Europe should take note of the BRICs’ development strategy and potential implications for global economic governance.\n\nSource: IMF Survey: BRICs Drive Global Economic Recovery (July 22, 2009).\n\n---\n\n\n References\n\n- https://www.imf.org/en/News/country-focus\n- PRESS CENTER\n- What Readers Say\n- Recession loosens grip\n- IMF ramps up financing\n- G-20 reaffirms IMF role\n- Crossroads at G-20 summit\n- IMF to track crisis response\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/53/sorea072209a"
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    "Published: July 22, 2009",
    "BRICs (Brazil, Russia, India, China) represent 40 percent of the world’s population.",
    "BRICs account for 25 percent of global GDP.",
    "BRICs leaders met in Yekaterinburg (Russia) on June 16; meetings included representatives of the Shanghai Cooperation Organization (SCO).",
    "The Economist noted emerging “decoupling” between emerging markets and advanced Western economies in its June 20 issue.",
    "Exports are a relatively smaller share of GDP in some BRICs: in Brazil and India, exports are less than 15 percent of GDP.",
    "Presence of sizable domestic markets, industrial and technological diversification, major government infrastructure investment programs, and smoother financial liberalization post-1997-98 Asian crisis underpin greater autonomy.",
    "Trade among BRICs is surging and is often settled in local currencies rather than in dollars.",
    "China:",
    "India:",
    "Russia:",
    "Brazil:",
    "Four-pronged approach to the financial crisis:",
    "The BRICs are operating with a high degree of independence, consolidating relationships with one another rather than waiting for the United States to lead.",
    "Investment in major infrastructure projects, technological innovation, and environmentally conscious execution are identified as engines of growth and development, including for heavily indebted countries.",
    "The article suggests Europe should take note of the BRICs’ development strategy and potential implications for global economic governance.",
    "[https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[What Readers Say](https://www.imf.org/en/news/search)",
    "[Recession loosens grip](https://www.imf.org/external/pubs/ft/survey/so/2009/RES070809A.htm)",
    "[IMF ramps up financing](https://www.imf.org/external/pubs/ft/survey/so/2009/INT070709A.htm)",
    "[G-20 reaffirms IMF role](https://www.imf.org/external/pubs/ft/survey/so/2009/NEW040309A.htm)",
    "[Crossroads at G-20 summit](https://www.imf.org/external/pubs/ft/survey/so/2009/POL032709A.htm)",
    "[IMF to track crisis response](https://www.imf.org/external/pubs/ft/survey/so/2009/NEW031409A.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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