| Aside from $ trillions in monetary stimulus from the world's major central banks, a major source to the recovery from the 2008-9 global financial crisis emerged from the BRICs economies. The dependence on commodities exports from Brazil, Russia and China proved instrumental in these economies' rapid comeback thanks to the cushion from rapid gains in agricultural and energy prices from 2002 to 2008.
But now that agricultural commodities have crashed, metals crumbled and energy plummeted, what becomes of the BRICs engine to the world economy? Russia continues to depend on oil and gas with 83% of exports coming from commodities. Brazil never diversified away from its dependence on iron ore, soya, coffee and sugar and boasts a 64% commodities/exports ratio...............................................Full Article: Source
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