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THE BRICS REPORT by Ministries of Finance, Central Banks and Economic...
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THE BRICS REPORT by Ministries of Finance, Central Banks and Economic Institutions of BRICS Nations

EXECUTIVE SUMMARY

 

The BRICS (Brazil, Russia, India, China and South Africa) account for more than 40 per cent of the global population and a share in world GDP that has increased from 16 per cent in 2000 to around 25 per cent in 2010.

 

The ‘BRICS Report’, which is a study supported by the Ministries of Finance and the Central Banks of the BRICS countries, focuses on the growth prospects, synergies and complementarities between the five large emerging economies that despite their cultural and geographical diversity, are expected to play a major role as growth drivers of the world economy.

 

The emphasis is on best practices, areas of co-operation and strengthening economic links so that the BRICS could collectively play a more central role in the ‘new normal’ of the post-crisis global economy.

 

This is also perhaps the most opportune time for forging closer links, given that the world economy is in a state of flux and a rebalancing is taking place towards the emerging economies. Their pivotal position in the global recovery has already catapulted the BRICS into a leadership role, which needs further cementing through greater interface among economies.

 

The Report, divided into five chapters, is in the nature of a forward looking document that seeks to reinforce and strengthen the position of BRICS in the global economy. Chapter 1 of the Report provides an overview of the BRICS and their governmental, financial and regulatory frameworks. Chapter 2 examines the impact of the global crisis, the resilience of the BRICS economies, their use of fiscal and monetary stimuli, the process of recovery and their contribution to global growth. Chapter 3 looks at the best practices in the BRICS and the lessons they hold for one another and the world economy. Chapter 4 deals with the challenges that the BRICS could face in moving to a higher growth path. Chapter 5 explores areas of co-operation among the BRICS including initiatives that could propel the BRICS and the world economy to a higher growth trajectory.



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