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, how can economic growth affect the value of a country’s imports?

, how can economic growth affect the value of a country’s imports?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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With the following images, how can economic growth affect the value of a country’s imports?
9:44 ul LTE O Today Edit 9:04 AM The Rise of BRICS The Rise of the BRICS The original term "BRICS referred to Brazil, Russia, India and China. It was first used by Jim O'Neil, an investment analyst working for the investment bank Goldman Sachs. In 2010 the original four countries were joined by South Africa and became the BRICS. The BRICS are forecast to be the dominant economies by 2050 and are aready the four largest economies outside the OECD (Organization for Economic Co-operation and Development). The reasons why the BRICS are expected to overtake the USA and other developed economies in a few decades is the relatively rapid economic growth rates of some of their members. The BRICS avoided going into recession towards the end of the first decade of the twenty first century but all experienced a cyclical budget deficit and in more recent years some have experienced negative economic growth. When Jim O'Neill coined the term BRICS he was not thinking of them as a trading bloc but they are beginning to think of themselves as a group and they held their first official summit meeting in June 2009. The BRICS initially had high economic growth rates and increasing values of exports and imports. In more recent years, the macroeconomic performance of the countries has varied, Brazil, India and South Africa have recently experienced current account deficits whilst China, and Russia have continued to exnerience cur accoint eurnhses All the countries imnose a
Transcribed Image Text:9:44 ul LTE O Today Edit 9:04 AM The Rise of BRICS The Rise of the BRICS The original term "BRICS referred to Brazil, Russia, India and China. It was first used by Jim O'Neil, an investment analyst working for the investment bank Goldman Sachs. In 2010 the original four countries were joined by South Africa and became the BRICS. The BRICS are forecast to be the dominant economies by 2050 and are aready the four largest economies outside the OECD (Organization for Economic Co-operation and Development). The reasons why the BRICS are expected to overtake the USA and other developed economies in a few decades is the relatively rapid economic growth rates of some of their members. The BRICS avoided going into recession towards the end of the first decade of the twenty first century but all experienced a cyclical budget deficit and in more recent years some have experienced negative economic growth. When Jim O'Neill coined the term BRICS he was not thinking of them as a trading bloc but they are beginning to think of themselves as a group and they held their first official summit meeting in June 2009. The BRICS initially had high economic growth rates and increasing values of exports and imports. In more recent years, the macroeconomic performance of the countries has varied, Brazil, India and South Africa have recently experienced current account deficits whilst China, and Russia have continued to exnerience cur accoint eurnhses All the countries imnose a
9:45 l LTE O Today Edit 9:04 AM The BRICS initially had high economic growth rates and increasing values of exports and imports. In more recent years, the macroeconomic performance of the countries has varied, Brazil, India and South Africa have recently experienced current account deficits whilst China. and Russia have continued to experience current account surpluses. All the countries impose a range of trade restrictions. Exports account for appraximately a third of the gross domestic product (GDP) of Russia and South Africa, a quarter of the GDP of China and India but less than a fifth of the GDP of Brazil The table below shows a range of economic data on the BRICS Economic Inflation Unemployment Income Per Rate (%) Growth Rate Rate (96) Head (US$) (%) Brazil -3.7 9.5 6.9 15,800 Russia -3.8 15.4 5.8 23,700 India 7.2 4.9 4.9 6,300 China 6.9 1.5 4.1 14,300 South 1.3 4.6 25.5 13,400 Africa Selected Economic Data 2015 ITTE
Transcribed Image Text:9:45 l LTE O Today Edit 9:04 AM The BRICS initially had high economic growth rates and increasing values of exports and imports. In more recent years, the macroeconomic performance of the countries has varied, Brazil, India and South Africa have recently experienced current account deficits whilst China. and Russia have continued to experience current account surpluses. All the countries impose a range of trade restrictions. Exports account for appraximately a third of the gross domestic product (GDP) of Russia and South Africa, a quarter of the GDP of China and India but less than a fifth of the GDP of Brazil The table below shows a range of economic data on the BRICS Economic Inflation Unemployment Income Per Rate (%) Growth Rate Rate (96) Head (US$) (%) Brazil -3.7 9.5 6.9 15,800 Russia -3.8 15.4 5.8 23,700 India 7.2 4.9 4.9 6,300 China 6.9 1.5 4.1 14,300 South 1.3 4.6 25.5 13,400 Africa Selected Economic Data 2015 ITTE
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