1. The following plot shows the current account balance (as a percent of GDP) for the five BRICS economies (Brazil, Russia, India, China and South Africa) from the first quarter of 2003 to the second quarter of 2019:

1. Discuss the trend of the current account balance (as a percent of GDP) over the sample period, and its corresponding implication for the degree of competitiveness in international trade, for each economy.

                                                                                                                          [10 marks