In 2014, what weighting of the global GDP belonged to the USA, UK and China?
46% - USA and UK
13.3% - China
What two countries have slow economic growth and why?
EU and Japan - ageing population
When did the G20 form?
1999
The G20 meets (1) and has (2) members as well as the EU and collectively accounts for (3) of global GDP (4) of global trade and (5) of the global population
1 - annually 2 - 19 3 - 85% 4 - 85% 5 - 65%
What is meant by ‘MINT’ countries?
Termed in 2011 - Mexico, Indonesia, Nigeria and Turkey
What does the growth of the BRICS and MINT countries suggest in terms of patterns of power?
Development of a multipolar world
Compare the GDP ($trillion) rankings of 2012 to predicted 2050
2012:
$16.24 USA
$8.23 China
$2.47 UK
2050:
$52.62 China
$34.58 USA
$6.95 Mexico
Describe the trends between 2012 GDP rankings to 2050 predictions
- Mexico and Indonesia to have higher GDPs than the UK
- China overtakes the USA
- Nigeria moves from 39 to 13th place
Describe the economic influences of the BRICS
- The only $1trillion economies outside of the OECD
- Growth rates and consumer spending have slowed since 2013 due to ageing populations
Describe the economic influences of the G20
- Minimal impact on financial markets because decisions take a long time
- More money is available for the IMF to help tackle global recession
Describe the political influences of the BRICS
China has become a mega-trader larger than imperial Britain because costs have decreased while prices have soared
Describe the political influences of the G20
- Newest members haven’t taken agreements seriously
- Countries share financial info to fight tax evasion
Describe the military influences of the BRICS
- Increased expenditure and incursions to S.China sea and NATO airspace
- Direct conflict with NATO would still leave them unmatched
Describe the military influences of the G20
- Divided over military action in Syria as Russia and China are lead opposers against USA
- Some countries engaged in unilateral military action (acting alone)
Describe the cultural influence of the BRICS
Lack of common understanding due to cultural differences
Describe the cultural influence of the G20
Indirectly support globalisation
Describe the demographic influence of the BRICS
- Large populations mean huge labour market and successful unis
- Working-age beginning to shrink so not all countries are creating enough jobs
Describe the demographic influence of the G20
Focused on creating economic growth by encouraging private businesses to invest in infrastructure and tackle youth unemployment
Describe the environmental influences of the BRICS
- Rise in greenhouse gas emissions (3 of 4 top global emitters are BRICS)
- Starting to lead global renewable energy production e.g. solar power production in China
Describe the environmental influences of the G20
- Agreed post-recession ‘green stimulus package’ to remove fossil fuel subsidies
- Have agreed on importance to tackle climate change and health issues but not committed money
All of the BRICS have valuable resources increasing their influence, what are they?
Brazil - Gold, diamonds, iron ore, rainforest
Russia - Oil and gas
India + China - Coal
