Twelve years after being named the next global economic powerhouses, the Brazilian, Russian, Indian, Chinese and South African governments, also known as the BRICS economies, have decided to embrace a de facto union, and had numerous economic meetings between the countries’ leaders. The group demands international attention. Brazil can offer the world enormous amounts of agricultural goods, China is the world’s second largest economy with a massive cheap labour force, India offers itself as a source of inexpensive intellectual resources, and Russia is now the world’s largest mineral exporter. The group are now considering making a formal alliance, following a meeting of all five countries in Durban. Such a move would most likely create one of the world’s most powerful unions of the twenty-first century, and surely the most diverse we have seen thus far.
This week, readers are given a chance to see the effects of certain budget cuts and investment initiatives; how did Twitter’s share price drop by US$8b, and should we be trusting market trends? Moving beyond Australian borders, we explore Africa’s rapid urbanisation and China’s new proposal to invest $50 billion in Brazil.
As the years go by and new countries find themselves greatly affected by the crisis, a handful of them emerge as having resisted the extreme shock of global financial instability.
Here’s a list of economies whose financial system prevailed during the crisis