Deutsche Bank Research says that the resilience of economic growth in emerging markets has increased. Emerging markets have exhibited strength in the face of the US credit turmoil and growth slowdown so far. If anything, most if not all BRIC (Brazil, Russia, India and China) countries currently seem to be at risk of overheating. DBR says that while there is a cyclical component to strong domestic demand growth, there are also structural factors at work that bode well for the medium-term growth prospects of the BRICs. These factors can be captured in a simple growth accounting framework. Economic growth can be broken down into several components, namely changes in labour and capital inputs, and total factor productivity. (Total factor productivity captures technological progress and/ or efficiency gains and is the residual that is not explained by changes in labour and capital inputs.) Growth accounting provides an analytical framework to assess medium-term economic growth dynamics. The BRIC economies differ greatly in terms of their growth prospects.