BRICS: Pillars of Economic Growth

BRICS countries are acronyms of developing countries such as Brazil, Russia, India, China, South Africa. These five countries are located in different geographical areas, but there is one thing in common. That is economic growth. People will wonder why these countries are growing more rapidly than other developing countries. This question can be answered in the paper. In this article I will explore the main factors of economic growth in these countries. Second, it explores the reasons for fast growth compared to developing countries in neighboring countries.

In November 2001, Goldman Sachs Global Economics Research Team headed by Jim O'Neill created the term "BRIC Economy" in his article "Building Better Economic BRICs". The newspaper insisted that the growth of GDP-PPP in Brazil, Russia, India, and China will lead to the transfer of geopolitics from the G7 economic superpowers. However, the result is concern for the possibility of high growth investment in these emerging economies. The hope of international investors is that these countries are making a turning point and that the combination of population growth, infrastructure investment, and rapidly growing economies will generate high revenues over the next ten years.

It is unclear how the BRICS model, in particular the alliance between China and South Africa, will develop in China's recent economic realignment. But the role of BRICS in Africa's economic growth change over the past decade has no doubt. They have boosted commodity prices and now account for about four-fifths of Africa's exports, making significant progress in the African market. . Product flow and capital flow However, the current composition is not wise for efforts to diversify the economy and inequality and poverty in countries such as Zambia. In a speech at the BRICS Summit in 2011, President Jacob Zuma in South Africa states:

The BRICs economy is growing rapidly, maintaining high growth, and gradually demonstrating its importance in world trade. During this financial and economic crisis, BRIC countries are expected to play an important role in stabilizing the world economy, and to play a role as an organization that influences the political and economic situation of the world of G8 and G20 . Most analysts believe that the prospects for BRIC's cooperation are very positive and provide opportunities for the communities in developing countries.