MOSCOW. (Oleg Mityayev, RIA Novosti economic commentator) - The Russian city of Yekaterinburg on May 16 hosted the first official summit of BRIC, a group comprising four countries showing the highest rate of economic growth - Brazil, Russia, India and China.Russian President Dmitry Medvedev said in the wake of the summit that the event was aimed at promoting a fairer world order.The BRIC nations currently account for 15% of the global economy and 42% of global currency reserves. These are important reasons for BRIC to have ambition to influence international economic and financial policies.According to many estimates, emerging economies will the driving force of the expected global economic recovery - that is, they will bail out wealthier nations. Citigroup's chief executive Vikram Pandit said at the St Petersburg International Economic Forum in early June that "China, India and Russia will become the engine of world growth for a while."Most estimates put China's and India's 2009 GDP growth at 6% and 4%, respectively, while the Group of 7 will still be in recession. The two fastest growing modern markets, China and India, are not heavily dependent on exports to industrially developed countries, but are developing independently due to booming internal demand.
The two fastest growing modern markets, China and India, are not heavily dependent on exports to industrially developed countries, but are developing independently due to booming internal demand.
