BRICS: Its Implications to Global World
B.A. IQBAL1, Y. QING2, L.A. BASTOS3
1IQBAL Department of Commerce, Aligarh Muslim University, Aligarh (UP), 202002, India
2QING Department of International Economics and Trade at the School of Economics and Management, South China Normal University, Guangzhou, Guangdong Province, 510006, People's Republic of China
3BASTOS Department of Economics, State University of Parana (UNESPAR), 2175, Rua Para, Jardim Imperial, Maringa, Parana-Brazil, 87023080, Brazil
Keywords: economic group, GDP, exports, FDI, GDS, GDI
Abstract
BRICS is a strategic economic group of five emerging economies, namely: Brazil, Russia, China, India and South Africa. BRICS has come up as an influential group. The group has bearing effect on the global economy and economic issues. The group accounted for 27 percent of the global GDP, 40 percent of the world total population and about 30 percent of the land. In addition, the group further constituted 18 percent of the world total FDI inflows. Intra–BRICS trade amounted to US $ 228 billion. This statistics itself indicates how significant and strategic group the BRICS is. With these vital strategic facts, the present paper analyzes the role and contribution of BRICS to the global economy. The paper suggests some guideposts for enhancing the existing role of the economic group in the coming years of the 21st century.
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