The rise of BRICs and the global economy(in Chinese)



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The rapid upsurge of the four Asian dragons since the 1970’s has dramatically enriched and redrawn the world economic atlas. Whereas not unprecedented their stunning success were deemed as exceptions during the post-War development era. Against this background the spontaneous rise of the mighty BRICs, categorically that of Brazil, Russia, India, and China, looks set to unleash upheavals across the globe. As forecasted by Goldman Sachs, for example, their combined output would overtake today’s G7 in the foreseeable future and become the largest bloc of the world. To explore in depth this study reviews and discloses performance of the emerging giants in question from a macroeconomic perspective. Next, the published accounts of the various prognoses on their growth prospect are assessed. This is followed by an exposure of both the characteristics of, and thus causes leading to, the radically restructured and intensifying cycle waves of the world economy; among them the supply- and demand- shocks resulting from the working of the new growth engines. In view of the nature of this study some non-economic considerations have been taken up to facilitate reasoning.