Economy and Mauritius Growth Performance - 4108 Words

BRICS also known as the Big five is a grouping acronym that refers to the countries of Brazil, Russia, India, China and South Africa that are deemed to all be at a similar stage of newly advanced economic development over the next few decades Brazil, Russia, India, China and South Africa will become large, powerful players in the world economy. Regardless of their social, political, or environmental challenges, the BRICS will play an ever-increasing role in the world economy, China and India will remain the dominant pair of the five some thanks to their large and increasingly better-educated populations, their low-cost labour, and their increasing openness. The BRICS thesis posits that China and India will become the worlds dominant†¦show more content†¦The global economic crisis has demonstrated to what extent the euro-centric strategy is risky and can drag Mauritius into recession. From a monocrop economy, depending mainly on sugar, it has diversified its economic activit ies into textile and apparel industry, tourism and financial services. Mauritius has one of the strongest economies in Africa, with a GDP of US$ 9.427 billion in 2010 and per capita income close to $13,500. The economy has sustained high 6% annual growth rate for the last two decades. Mauritius is now classified as a middle-income country and ranks, on the basis of the recent Human Development Index for 173 countries, 67th globally, 40th among developing countries, and second in Africa. The average economic growth was 5.6% over the last 3 years. The Mauritian economy has experienced profound structural changes during the last two decades. The rapid development of manufacturing in the 1980s led to job creation, largely through the growth of export processing zone (EPZ) enterprises. Since the early 1990s, the financial services and tourism industries have emerged as new growth sectors, requiring higher skilled workers. The demand for high-skilled workers is expected to strengthen further in coming years as the government moves forward to actively promote the development of an information communications technology sector and free port activities.* Mauritius being a member of various regionalShow MoreRelatedThe Influence of a Hotel Quality of Service and Image and its Effect on Tourism Customer Loyalty1569 Words   |  7 Pageshave evolved into truly global industries are dispersed worldwide. Due to changes in lifestyle, the services offered by hospitality businesses are now considered to be necessities. Consequently, during the past decade, there has been an exponential growth in hospitality businesses to meet the demands of the growing market. Today, hospitality organizations are faced with intense competition. 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