Previous Year Question

According to the UNCTAD classification relevant to the 2010 question, Brazil, Mexico and South Africa were all categorised as emerging economies. Therefore, all three countries are correct.

Brazil: It is a major Latin American economy with substantial industrial, agricultural and natural-resource sectors. It was an original member of the BRIC grouping and has held an important position in global trade and investment.

Mexico: It has a manufacturing- and export-oriented economy that is deeply integrated with North American production and supply chains. Although Mexico has been an OECD member since 1994, OECD membership alone does not make a country a developed economy under every international statistical classification.

South Africa: It is one of Africa’s major industrial and financial economies. South Africa joined the BRIC grouping in 2010, after which the grouping came to be known as BRICS.

There is no single universally binding definition of an “emerging economy.” Different institutions may use different criteria, including market size, industrialisation, per-capita income, financial-market development, integration with international trade and capital flows.

Current position: Contemporary UNCTADstat classifications primarily organise economies into developed and developing groups and geographical regions. Brazil and Mexico are classified among developing economies in the Americas, while South Africa is classified among developing economies in Africa.