BRIC by BRIC: The harsh Realities of Global Competition

It’s been more than a decade since the BRIC (Brazil, Russia, India and China) countries were hailed as the next big thing. But global economics can be a fickle game, and a slew of negative headlines are casting doubt on the quartet’s glorious future. This article examines how the BRIC countries will retain a powerful influence on the global economic and, in turn, project, scene for years to come. In doing so, it cites a prediction from consulting firm PwC that says by 2050, China and India will surpass the United States to become the world’s largest economies and a prediction by Goldman Sachs stating the four countries will account for almost 40 percent of global GDP by then. These trends affect the project landscape in each country, and the article takes a closer look at projects in the BRIC countries. It notes that most projects in Brazil are infrastructure projects to support the World Cup and the Olympics. Projects in Russia have suffered because the country’s GDP plunged 8 percent in 2009 and has a poor ranking on the Ease of Doing Business index due to corruption and ineffective bureaucracy. However, Russia will soon become a member of the World Trade Organization, which will attract more foreign investments. In India, the projects are big. Because of a booming car industry, project management standardization is a necessity. It may be stumbling, but China is still experiencing a lot of growth. The country’s government is fast-tracking infrastructure projects, particularly highways, railways and power plant construction. The article examines a project in each country and describes the challenges faced by each one. In addition, it provides GDP statistics, Ease of Doing Business ranking, and median project professional salary for each country.

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