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The European crisis also affects the BRICS
India
Wednesday 04 July 2012
MD
The summit of BRICS in March, countries that have also been affected by the recession in Europe.
The economic crisis of the European Union also has effects on the BRICS (Brazil, Russia, India, China, South Africa) as the recession has reduced European consumer speding. This decrease has caused a decline in foreign purchases and imports.
The Federation of Indian Chambers of Commerce announced that India's exports declined by 3% between May 2011 and May 2012. While the goal was 15 to 20%
growth in Europe. This year China growth should be closer to 8%, below the 10% it has held over the last decade. In Brazil, export growth should reach 2.2%.
Analysts predict two difficult years for the BRICS. The answer to the crisis appears to be the expansion of their middle class and trade with their rivals in emerging markets rather than exports to Europe and the United States.
Analysts predict two difficult years for the BRICS. The answer to the crisis appears to be the expansion of their middle class and trade with their rivals in emerging markets rather than exports to Europe and the United States.
source : guardian co uk
