- 18 Mar, 2021
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Health sciences and nursing
2%. In 2013 the developed economies are in the early recovery stages from their
recession and GDP growth is currently below 2%.
The leading emerging economies are Brazil, Russia, India and China. Goldman Sachs
investment bank referred to them as the “BRIC” economies and the acronym is widely
used. BRIC nations have 40% of the world’s population but only 25% of world trade. It
is forecasted that by 2050 they will overtake the richest markets of the world i.e. US,
and Europe. (Lee & Carter 2012). The BRIC growth is well documented and
international trading has focused on opportunities in these countries. However, there
is a second tier of emerging countries that are coming through on to the global markets:
these include Bangladesh, South Korea, Turkey and Vietnam. In the future, the
emerging economies will dominate the global trading market, rising from a 20% share
in 1970 to nearly 50%.
The recession amongst the developed countries is also a driver in enabling more
entrants to join the global marketplace. There has been a resetting of the balances of
trade as the leading economies have declined or remained static. China has been the
fastest expanding economy and is now the largest exporter in the world and ahead of
the USA and Germany (www.imf.org).
The USA remains the leader in the exp