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Unlikely, it's hard to give such large populations like those found in Brazil, China and India the standard of living you find in Western nations. Plus, the only real reason for their large economic growth is low or unpaid labour for long, long hours.
In today's world, you have to look at the economies of individual cities (including their metropolitan areas) to get a real picture of where wealth is concentrated.
Jeez, give them a time, give them at least 50 years, with this growth the Americas, UKs and Frances will look like mini Somalias compared to the BRICS
If you honestly think that North American and Western European countries will look "like mini Somalias" in terms of their living conditions vs the BRICS nations, then you're seriously delusional (even more so if you think it'll happen in 50 years). Here's the 2050 GDP per Capita PPP estimates by PWC (http://www.pwc.com/gx/en/world-2050/pdf/world2050emergingeconomies.pdf): (broken link)
Even these numbers are giving the BRICS a lot imho. The reason the BRICS nations are growing at such a rapid speed currently is because they are primary poor and underdeveloped countries (unlike North American & W. Europe). Once they start to become more developed, their growth rates will slow drastically. Plus, this is assuming that there is no major break in the system (i.e. wars, climate change, depressions, recessions, etc.) that could severely alter such predictions (some even predict nations like China are in one giant bubble and will see a hard landing). Growth rates for Brazil and China (not sure about India or Russia) are already predicted to decrease for 2012. I'm all for giving credit where credit is due and I applaud Brazil for their accomplishments thus far, but the BRICS still have a LONG way to go before they can even come close to touching the living standards of the West (if they ever do, doubtful imho).
Last edited by CityLover9; 11-02-2011 at 12:34 PM..
I just keep on being sceptical when it comes to those "miracle stories" of the BRIC countries (or BRICS, since apparently South-Africa is also a part of it nowadays). Although I acknowledge there's been a tremendous improvement in those countries, it remains to be seen if they can take the next step, to the level of a truly developed country...
The reason the BRICS nations are growing at such a rapid speed currently is because they are primary poor and underdeveloped countries. Once they start to become more developed, their growth rates will slow drastically.
Brazil, as well as China and India still have a long way to go before they can provide a first world standard of living to most of their citizens. Per capita income is way higher in the UK, France and Germany and this will be the case for a long time. Who cares about absolute numbers? Per capita it is still the western countries that top the list, plus Korea and Japan.
This is just the beginning.
"A great walk always start with the first step."
Here we go!.
This is just the beginning.
"A great walk always start with the first step."
Here we go!.
Absolutely! One of the most constant things in this world is change!
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