The BRICS (Brazil, Russia, India, China, and South Africa) grouping has been the forerunner of global economic and political developments for over a decade. The BRICS countries account for over 40% of the world’s population and over 25% of global GDP. They are also among the fastest-growing economies in the world. India is an important player in the BRICS grouping. It is the second most populous country in the world and the sixth largest economy. India has also been growing swiftly in recent years, with GDP growth comprising over 7% per year over the past decade.
Tag: Economy
Para Diplomacy: Driving the Rising Rajasthan Investment Summit
Para diplomacy can be understood as the actions initiated by states, provinces, or cities to establish international relations and promote their commercial interests. It also gives regions leverage to engage foreign investors and governments hence opening doors for partnership and capital investment. Rajasthan has adopted this concept in practicing its tourism policies by holding road shows and investor meets nationally and internationally. Such efforts are in the pursuit of introducing itself to a network of potential investors and marketing the state as the hub of opportunities in different fields.
The World’s Economic Titans this Year
By the start of 2024 high inflation had forced the Federal Reserve to raise interest rates to 5.5% – their highest level for more than two decades. Many expected America to have a recession. Instead, its economy has boomed. In the third quarter it grew by 2.8% year on year – a full percentage point more than forecast in July. America’s unemployment rate is around 4%, well below the average of the past 30 years. And inflation is finally coming down. Output per person is 40% higher in America than in Western Europe and Canada and 60% higher than in Japan.
China’s Economic Policy for 2025
On December 9, 2024, the Political Bureau (Politburo) of the Central Committee (CC) of the Communist Party of China (CPC) convened a meeting to discuss the country’s economic policy priorities for the year 2025 and the broader and deeper challenges facing the Chinese economy. The headline of the readout is “CPC Central Committee Political Bureau Holds Meeting to Analyze and Research 2025 Economic Work, Study and Deploy Party Conduct, Clean Governance and Anti-Corruption Work, CPC General Secretary Xi Jinping Presides Over Meeting.
EU Ambitions in the Western Balkans
On Wednesday leaders from the six western Balkan countries hoping to join the European Union meet their counterparts from the bloc’s member states. They will discuss the EU’s “growth plan”, which aims to absorb the countries into individual aspects of the union, such as its single market, before they become full members. The region’s accession process began in 2003 but has generally slowed. Bulgaria, already an EU member, is blocking North Macedonia; Serbia’s dispute with Kosovo, its former province, hampers the accession of both; and Bosnia’s Serb leadership is more interested in destroying Bosnia-Herzegovina as a state than joining the EU.
Post-Assad, Rebels Set to Represent Syria at the UN
On Tuesday, the UN Security Council publicly discusses Syria for the first time since the fall of Bashar al-Assad. Eyes will be on the Syrian delegation, appointed by the Assad government but thus far kept in post, and the old regime’s ally, Russia. The Kremlin’s diplomats are said to be co-operative; Russian media now call Hayat Tahrir al-Sham, the dominant rebel force, an “armed” rather than a ‘terrorist’ group. Nevertheless, America is wary of letting Russia use its veto power to shape the transition to its liking.
Gaza Starts to Feel Forgotten amid Syrian Crisis
Many Palestinians in Gaza cheered the scenes in Syria this week, as rebels overthrew Bashar al-Assad’s regime. Last month they watched the war in Lebanon end; now Syria’s 13-year civil war might be at a close too. But Israel’s war in Gaza drags on. At least 28 people were killed in Israeli strikes on Thursday, according to Palestinian medics.
A Nudge for Europe’s Economy
The European Union’s (EUs) economy is only about 1 percent bigger than it was a year ago. And inflation, at 2.3 percent in November, is close to the European Central Bank’s target of 2 percent. The prices of services across various member countries among EU have been rising by around 4 percent a year and there is sustained pressure from growing wages – the Netherlands, which has the most up-to-date figures, estimates these as rising at 6.5 percent.
Decoding the Economy of an Isolationist Country
Being one of the most isolated, secretive, dark and censored countries in the world, North Korea continues to baffle audiences and surpass trends of journalistic opportunity. It has one of the largest militaries in the world, a staggering domestic infrastructure and much speculation as to what goes on inside the closed-to-exhibition country. The citizens aren’t allowed to venture outside and no official economic data has been published since 1965, which is both scary and bold at the same time.
Social Capitalism: A Theoretical Commentary
Can “capitalism survive” and “socialism work” individually? These two hypotheses and discussions travel among economic debates around the world. Austrian Economist Joseph Schumpeter’s work in entrepreneurship and innovation signifies the deviation from traditional or conventional methods of economic activities, particularly in terms of trade and increased quality of life. This article draws attention towards the global thought of social capitalism; and enables enthusiasts in economic affairs and international relations to understand the theoretical overview of this distinctive concept.