Consumption has led economic recovery in the BRICs

Overview

Consumption has played a large role in the recovery of the BRIC economies. In all the BRIC countries retail sales have picked up, unemployment has decreased and consumer confidence has improved. However, trends vary by country. In China fiscal stimulus was successful in limiting the impact of the global financial crisis on consumption. Tighter policies, notably the partial roll-back of car sales tax reductions and policies to deflate the property price bubble, have more recently caused...