BRICS Nations Become Main Driver of Global Growth

12 may 2017

The joint website of the foreign affairs ministries of the BRICS nations has published an article penned by Analytical Center experts Anna Lobanova and Victoria Pavlyushina and titled BRICS: Looking into the Future.

"The BRICS nations are found on practically every continent and are home to half the population of the planet. Each one of them is a whole world with history that goes back at least centuries and sometimes millennia. Analysis of GDP growth around the world shows that it is growing much faster in the BRICS nations than in the west, so we can talk about very real prospects of successful growth and development in those countries as well as cooperation between them," the authors write in the article as they assess the economic prospects of the BRICS countries.

In Asia, China is becoming an undisputed leader. And while in the past Asia was only viewed as a region to invest in and outsource production to, now the Asian countries, and China in the first place, are evolving into global economic leaders. India is already overtaking China in terms of economic growth but in absolute terms it is still lagging behind, while Brazil is going through a deep recession but if it manages to pull out of it successfully, it can become a major economic development driver for the entire Latin America, while South Africa is already an example to follow for all of Africa.

Russia is located at a kind of crossroads between Europe and Asia and this rather unique location to a large extent determines its political and economic interests, but once it recovers from its own economic problems, it can serve as the link that brings the BRICS nations together, helping them align their interests.

The BRICS nations are becoming a global economic industry development driver and as the global economy is undergoing serious change, the BRICS nations have every chance to demonstrate their significance, the experts sum up. It is unlikely that the BRICS will evolve into some kind of an alternative to the existing political alliances but it can strive to create a multi-polar world in which it will not only have its voice but also significant influence on the global processes.