The Chinese Economy and the Other BRIC Countries: The Comparative Analysis

Over the next 50 years, Brazil, Russia, India and China-the BRICs economies-could become a much larger force in the world economy. Using the latest demographic projections and a model of capital accumulation and productivity growth, we map out GDP growth, income per capita and currency movements in the BRICs economies until 2050. This article researches the socio-economic indicators of development in BRIC. The characteristics of each country are described. Particular attention is paid to the analysis of the gross domestic product of GDP, which is the most important characteristics of economic development. Also the size and population dynamics of BRIC is being analyzed. Particular attention is paid to the global section in the labor market. The rate of unemployment, employment in the informal sector, the structure of employment by sectors of the economy are also analyzed.