Goldman Sachs first coined the expression BRICs - Brazil, Russia, India and China - to identify the economic giants of the future that will reshape the world economic order. While Russia's economy is linked to the prices of commodities, energy in particular, Brazil has not lived up to expectations. Of the four countries, China and India have shown the most impressive growth in recent years with, respectively, 10% and 8%. Excluding Brazil, the population of the BRIC represents 40% of the world's inhabitants.
Brazil is the largest country in size and population in comparison to other Latin American countries, and it is the seventh largest economy in the world by nominal GDP. Since the mid 2000’s, Brazil has become a more attractive global player: it has diversified its economy and its partnerships, and launched the Growth Acceleration Plan (2007) in order to increase investment in infrastructure and provide tax incentives for economic growth.
Despite stresses in the global economy, China will avoid any sharp drop in growth, Premier Li Keqiang of China told more than 2,000 business, government and civil society leaders from over 90 countries participating in the opening session of the eighth World Economic Forum Annual Meeting of the New Champions.
“Everywhere we remain un-free and chained to technology, whether we passionately affirm or deny it. But we are delivered over to it in the worst possible way when we regard it as something neutral, for this conception of it, to which today we particularly like to do homage, makes us utterly blind to the essence of technology.”
--Martin Heidegger, “The Question Concerning Technology”
Public debt is a relatively complex concept that most current approaches agree to refer to the sum of debt whose obligation to repay falls on the government of a country. According to the World Bank (WB)'s approach, public debt is understood as the liability of four main groups of institutions: