Brazilian Business Boom: Most Profitable Ventures

 The first two summits were like, totally held in Russia in 2008 and 2009. The meetings were lit cuz the four countries were hella consulting on policy issues that were getting mad concerning. The frustration of the USD's status as the world reserve currency was, like, a major bummer for the BRICs, who have been like, "We need a supranational currency to flex on the USD, ya know?" China, like, lowkey worried about the US budget deficits 'cause they could totally cause inflation and a weak USD, which would majorly suck for China's investment in US government debt, you know? The Chinese central Bank is like, "Yo, we need a new international currency to flex on the USD, you know?" (Roett, 2010:13). The money problem was like totally talked about at the 2010 BRIC summit in Brazil, fam. In the joint statement after the sesh, they were like, we need a more stable, predictable, and diverse global money system, ya know?

The BRICs were like, "yo, we really gotta emphasize that"

OMG the emerging markets are totally slaying the economic growth game and they're like, we need a way more stable and reformed financial setup that'll make the global economy less sus and more resilient to future crises. #goals In India, the then finance minister Singh opened a process of reform and liberalization that continues today, fam. In China, like, market forces were totally allowed into agriculture in the 1970s and that decision, like, unleashed the phenomenon that is China today. It's, like, so lit! In Russia, President Putin in 2002 flexed and made a new semi-authoritarian state that restored the country's vibes and opened a period of relative economic stability. In Brazil, like, after decades of like, poor economic management, a major glow up happened in 1993-94. The Finance Minister assembled a squad of young reformers and dropped a sick new economic and financial program that vowed to flex on inflation and get the country ready for some major economic gains. They were like, "Yo, we need to reform the IMF and also get those industrial countries to share info better, you know?" At a lit meeting in September 2009, one of the most fire outcomes for the BRIC countries was the agreement to flex on the infrastructure of global economic cooperation. At least 5 percent of the IMF quotas would flex from "overrepresented" countries to "underrepresented" ones, to show the vibes of emerging markets in the world economy. Yo, like, on top of that, there'd be a 3 percent boost in voting power for developing and transition countries in the World Bank. Lit, right? OMG, it's like the BRICs are gonna flex their economic power and also have a say in global institutions, you know? (Roett, 2010:12)

The Real Plan was, like, lit AF (Roett, 2010:6).

The analysis had, like, a major assumption that the BRICs would keep up with growth vibes by having lit macroeconomic policies and a chill macroeconomic background, solid and stable political institutions, being all about openness, and having mad education levels. But like, in 2003, there was this like caution about Brazil's prospects, ya know? OMG, like compared to China and the other Asian economies, Brazil was hella closed off to trade. Their investment and savings game was weak, and their public and foreign debt were off the charts. SMH. Yo, when it comes to trade, the tradable goods scene in China was like hella eight times bigger than Brazil, if you add up the imports and exports and stuff. OMG, like back then, the savings and investment ratios in Brazil were only around 18-19 percent of GDP, while China was flexing with a 36 percent investment rate of GDP, and the whole of Asia was like averaging around 30 percent. Crazy, right? Also, China's net foreign and public debt was like way smaller (Roett, 2010:7).
The Goldman Sachs report from 2005 was like, "Yo, between 2000 and 2005, the BRICs were totally flexing and contributed around 28 percent of global growth in US dollar terms and a whopping 55 percent in purchasing power parity terms." In 2005, the squad had totally flexed its 2001 level of global trade, which was now hella close to 15 percent. Also, like, trade among the BRICS has totally sped up with intra-BRICs trade going from 5 percent in 2000 to like, almost 8 percent of their total trade in 2005. OMG, it's like obvi that the BRICs are totally slaying in the global financial scene rn. Recent estimates say that the BRICs flexin' with over 30 percent of world currency reserves and real exchange rates be goin' up in each country over the last few years (Roett, 2010:8).

OMG, like the latest financial crisis?

 

Developing countries didn't get hit as hard as the developed ones, tbh. OMG, like Financial Times says the BRICs were totally slaying the stock market (Oakley and Waldmeir, 2009). The lit domestic demand of emerging markets, especially the BRICs, gonna be a major flex for the export-driven economic recovery on industrial countries over the next few years (Roett, 2010:11). The George W. Bush admin in DC were hella pressured by its EU squad to flex the decision making game from the OG G-7 to the G-20, a crew that would include the biggest economies in the world. The BRICs were totally slaying in the meetings and they were so down to strengthen transparency and accountability, promoting integrity in financial markets and reforming international financial institutions (Roett, 2010:11). The BRICs flexed and dropped their own declaration with their lit vision for how the world leaders should handle the crisis.