ABSTRACT
This chapter explores world economic development trends and compares economic growth across different regions. Over the past two years, economic growth in emerging markets including BRICS (Brazil, Russia, India, China, and South Africa) has considerably weakened. In 2014, experts predicted that the weighted gross domestic product (GDP) growth of BRICS would be lower than the annual average growth of 8 percent between 2000 and 2008. The main causes for the decline in GDP growth that superseded the 2008 global financial crisis can be attributed to a decrease of total factor productivity. An economic strategy focused on export-led employment significantly reduced unemployment and moderately reduced income inequality. The Trans-Pacific Partnership (TPP) is a free trade agreement to unify a group of Pacific Rim countries varying in size and level of economic development. It binds them to a set of high-standard rules and intends to provide a positive effect to its members.
