Pearson Edexcel · A-Level · Economics B
Course version: 9EB0 · Version from Sept 2015
A) Growth rate of the UK and BRIC (Brazil, Russia, India and China)…
Full specification wording
Developed, emerging and developing economies: a) Growth rate of the UK and BRIC (Brazil, Russia, India and China) economies since 2000
Since 2000, the growth rates of the UK and the BRIC economies (Brazil, Russia, India, and China) have shown distinct trajectories.
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Study notes
From the checked teaching notes for this specification point.
The idea
Since 2000, the growth rates of the UK and the BRIC economies (Brazil, Russia, India, and China) have shown distinct trajectories. The UK, a mature developed economy, has experienced steady but relatively low economic growth, punctuated by the 2008 financial crisis. In contrast, the BRIC nations, as emerging economies, have often recorded significantly higher growth rates, driven by rapid industrialisation, urbanisation, and integration into global markets. China and India have sustained particularly high growth, transforming into global economic powerhouses. Brazil and Russia also experienced strong commodity-driven growth in the 2000s, though their rates have been more volatile recently due to fluctuating global commodity prices and domestic economic challenges.
What earns the marks
- Compare the relatively lower, stable growth rate of the UK with the higher, rapid growth rates of the BRIC economies since 2000.
- Identify China and India as the fastest-growing BRIC economies, driven by manufacturing and services respectively.
- Explain how Brazil and Russia's growth rates have been heavily influenced by global commodity prices.
- Recognise the impact of the 2008 global financial crisis on the growth trajectories of both the UK and the BRIC nations.
Common mistakes and how to put them right
Assuming all BRIC economies have grown at the same rate.
Put it right: China and India have grown much faster and more consistently than Brazil and Russia.
Believing the UK economy has not grown at all since 2000.
Put it right: It has grown, but at a slower percentage rate typical of a mature developed economy.
Confusing total GDP with the GDP growth rate.
Put it right: A high growth rate in an emerging economy does not necessarily mean its total GDP exceeds that of a developed economy.
Exam tips
- Use approximate percentage growth figures to support comparisons between the UK and BRIC economies since 2000.
- Highlight the volatility of commodity-dependent economies like Russia and Brazil when discussing their growth rates.
- When analysing emerging economies, distinguish between the manufacturing-led growth of China and the services-led growth of India.
Try the lesson
The start of the Developed, emerging and developing economies: a) Growth rate of the UK and BRIC (Brazil, Russia, India and China) economies since 2000 lesson, made from checked teaching notes for this specification point.
Have a go first
Which of the following statements best describes the general trend in the economic growth rates of the BRIC economies compared to the UK since the year 2000?
Listen
Since 2000, the growth rates of the UK and the BRIC economies (Brazil, Russia, India, and China) have shown distinct trajectories. The UK, a mature developed economy, has experienced steady but relatively low economic growth, punctuated by the 2008 financial crisis. In contrast, the BRIC nations, as emerging economies, have often recorded significantly higher growth rates, driven by rapid industrialisation, urbanisation, and integration into global markets. China and India have sustained particularly high growth, transforming into global economic powerhouses. Brazil and Russia also experienced strong commodity-driven growth in the 2000s, though their rates have been more volatile recently due to fluctuating global commodity prices and domestic economic challenges. A strong answer earns marks for these points. Compare the relatively lower, stable growth rate of the UK with the higher, rapid growth rates of the BRIC economies since 2000. Identify China and India as the fastest-growing BRIC economies, driven by manufacturing and services respectively. Explain how Brazil and Russia's growth rates have been heavily influenced by global commodity prices. Recognise the impact of the 2008 global financial crisis on the growth trajectories of both the UK and the BRIC nations. Exam tip: Use approximate percentage growth figures to support comparisons between the UK and BRIC economies since 2000.
Key words
Say what each word means before you turn the card.
Economic growth
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Emerging economies
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Global economic shifts
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Macroeconomic performance
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See every definition
- Economic growth
- The rate at which an economy grows, with the UK showing steady but relatively low growth and the BRIC nations often recording significantly higher rates.
- Emerging economies
- Nations such as the BRIC countries whose growth has often been significantly higher, driven by rapid industrialisation, urbanisation and integration into global markets.
- Global economic shifts
- Changes in growth trajectories, such as those caused by the 2008 global financial crisis and fluctuating global commodity prices.
- Macroeconomic performance
- The growth record of an economy, with the UK's steady but relatively low growth contrasting with the higher, more volatile rates of Brazil and Russia.
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