Does Economic Growth Ensure Life Satisfaction? : A Study of Emerging Economies

Abstract

The BRIC Countries, with their recent developments, are expected to soon take over the G-6 set of economies by 2016. The developments experienced by BRIC economies are in the form of trade, investment and development, and are due to the huge population and economic foundations of these economies. Due to the strong economic growth of the BRIC countries, the consumers are able to spend more, thus emerging to be a major reason of consumer growth. The economic growth and developments taking place in the developing nations has a major effect on the level of satisfaction of the people in these economies. This paper analyses the effects of macroeconomic variables - namely Inflation, Unemployment, Gross Domestic Product (GDP), Foreign Direct Investment (FDI) and Prime Lending rate on the life satisfaction of people in the emerging economies - namely Brazil, China, India and the Russian Federation (BRIC).