BRICS as a Driver of Global Economic Growth and Development

Q2 Economics, Econometrics and Finance Global Journal of Emerging Market Economies Pub Date : 2021-12-21 DOI:10.1177/09749101211067096
B. Iqbal
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引用次数: 8

Abstract

In 2001, when the term BRIC (Brazil, Russia, India, and China) was coined by Jim O'Neill, I came across a paper in a German journal. The title of the paper was “BRIC as a group of unequals.” Since then, there has been consistent growth and development in the BRICS group, and it has emerged as a force to reckon with. In December 2010, after South Africa joined the group, it became BRICS. The role and contribution of the BRICS is significant to the world economy in terms of population (40%), GDP (25% nominal and US$ 16.039 trillion), land coverage (30%), world trade (18%), and global forex (US$ 4 trillion). Since 2001 and till the end of 2010, the BRICS as a group worked on sectoral cooperation in many areas, namely—science and technology, trade promotion and facilitation, energy, health, education, innovation, and fight against transnational crime. Presently, sectoral cooperation accounts for more than 30 subject areas. These areas have brought in specific benefits to the population of the group of countries. In 2014, the 11th summit took place in Brazil and institutions of strategic and paramount significance were created such as New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). These have far reaching effects and implications for the global world in general and BRICS economies in particular. Both the initiatives are contributing significantly in the process of accelerating economic growth resulting in socioeconomic progress in the member countries. During the last five years, NDB has approved 70 infrastructure and sustainable development projects amounting to US$ 25.07 billion that also comprises loans given under NDB Emergency Assistance Facility among the member countries. Significantly, India has 18 projects amounting to US$ 6.9 billion. On December 20, 2020, the 12th Summit was held in Russia, wherein new dimensions were added namely—world stability, shared security, and innovative growth. These are the sine-quo-non for creating better, effective, and efficient global economic order (GEO) which is the need of the hour.
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金砖国家是全球经济增长和发展的引擎
2001年,当吉姆·奥尼尔创造了“金砖四国”(巴西、俄罗斯、印度和中国)一词时,我在德国杂志上看到了一篇论文。这篇论文的标题是“金砖国家作为一个不平等的群体。”从那时起,金砖国家集团不断增长和发展,并成为一股值得关注的力量。2010年12月,南非加入金砖国家集团后,成为金砖国家。金砖国家在人口(40%)、国内生产总值(25%名义和16.039万亿美元)、土地覆盖率(30%)、世界贸易(18%)和全球外汇(4万亿美元)方面对世界经济的作用和贡献是重要的。自2001年至2010年底,金砖国家作为一个集团在许多领域开展了部门合作,即科学技术、贸易促进和便利化、能源、卫生、教育、创新和打击跨国犯罪。目前,部门合作涉及30多个主题领域。这些领域为该集团国家的人民带来了具体的好处。2014年,第11届峰会在巴西举行,新开发银行(NDB)和应急储备安排(CRA)等具有重要战略意义的机构成立。这些对全球世界,特别是金砖国家经济体都有深远的影响和影响。这两项举措都为加快经济增长、促进成员国社会经济进步做出了重大贡献。在过去五年中,国家开发银行批准了70个基础设施和可持续发展项目,总额为250.7亿美元,其中还包括根据国家开发银行紧急援助机制向成员国提供的贷款。值得注意的是,印度有18个项目,总额达69亿美元。2020年12月20日,第十二届峰会在俄罗斯举行,会议增加了新的维度,即世界稳定、共同安全和创新增长。这些都是建立更好、有效和高效的全球经济秩序的先决条件,而这正是当前的需要。
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来源期刊
Global Journal of Emerging Market Economies
Global Journal of Emerging Market Economies Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)
CiteScore
2.70
自引率
0.00%
发文量
27
期刊介绍: Global Journal of Emerging Market Economies is a peer-reviewed journal. The aim of the journal is to provide an international platform for knowledge sharing, discussion and networking on the various aspects related to emerging market economies through publications of original research. It aims to make available basic reference material for policy-makers, business executives and researchers interested in issues of fundamental importance to the economic prospects and performance of emerging market economies. The topics for discussion are related to the following general categories: D. Microeconomics E. Macroeconomics and Monetary Economics F. International Economics G. Financial Economics H. Public Economics I. Health, Education, and Welfare J. Labor and Demographic Economics L. Industrial Organization O. Economic Development, Innovation, Technological Change, and Growth Q. Agricultural and Natural Resource Economics • Environmental and Ecological Economics R. Urban, Rural, Regional, Real Estate, and Transportation Economics Additionally, the journal would be most interested to publish topics related to Global Financial Crisis and the Impact on Emerging Market Economies Economic Development and Inclusive Growth Climate Change and Energy Infrastructure Development and Public Private Partnerships Capital Flows to and from Emerging Market Economies Regional Cooperation Trade and Investment and Development of National and Regional Financial Markets The Belt and Road Initiative.
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