BRIC's Growing Share of Global Health Spending and Their Diverging Pathways.

Abstract

Post-cold war developments and accelerated pace of globalization among many changes led to the creation of so called emerging markets. These classical national economies represent few among large number of developing world countries, which are distinguished by their exceptionally strong promise of rapid and long-term stable growth of gross domestic product. Either we assess it on nominal or purchase power parity (PPP) terms, four distinct economies obviously lay ahead all other rapidly developing global markets. Acronym BRIC (Brazil, Russia, India, China) forged to describe these countries brought glory to its creator Jim O’Neil, Goldman Sachs’ economist of the time (1). Since his first insight back in 2001 global recession (2) and ongoing developments were changing prospects for all four individual markets. Nevertheless, strong positive growth trend remained their common feature although with quite substantial differences in pace and balance of overall economy development (3). BRIC’s share in global wealth grew tremendously effectively quadrupling itself over past decade (4). Joint growth of this group of countries, heavily dominated by China, will remain long-term trend with clear forecasts at least up to the middle of twenty-first century (5).