16 June 2009

Emerging Markets Jostle with Western Giants

BRIC are meeting in Russia.

If you haven't heard of BRIC, watch out. This team is growing in strength and are commanding more attention on the world map. After, all combined they cover 25 per cent of the world's land mass and 40 per cent of the world's population. They are the four nations Brazil, Russia, India and China. China is also the world's third largest economy.

They are 'emerging market nations', that is they are non-western nations who want to be taken more seriously by the western giants. Indeed, they have even increased pressure for an alternative global reserve currency to be considered.

This will not be on the agenda after all but caused concern in the US financial market and amongst US politicians. After all, who wants large holders of US dollar assets to switch elsewhere?

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