Subprime and European crises and their effects on the BRICs economies

An outstanding feature of the financial crises that occurred between 2007 and the end of 2008, known as Subprime crisis, and between 2010 to the present, known as European Soverign Debt crisis was how quickly they spread throughout the world. This work project attempts to examine the extent and spread of these crises on an emerging group of countries comprising Brazil, Russia, India and China, (BRICs). The study was based primarily on the analysis of economic indicators, as well as Socio Cultural characteristics of these nations. As a result it is possible to observe that between 2007 and 2009 these countries suffered limited impact, showing a rapid recovery in the two subsequent years. However, based on latest data available, contrary to what happened during the Subprime crisis, the emerging economies have been more impacted by the Euro crisis, which is observable mainly by the decrease in demand for their exports and the fall in flows of international loans and investments.