A comparative analysis of macroeconomic outcomes amongst the BRICS (2000-2015).

Abstract

BRICS (Brazil, Russia, India, China and South Africa) economic block is a strategic partnership, pursuing common interests at national and international level because it brings together the world’s fastest growing nations. Notwithstanding the partnership,macroeconomic effects across the member nations are not the same. BRICS have achieved different levels of economic growth and development, with different macroeconomic policies but the world seems to remain optimistic about their future, which is uncertain. This article compares the economic indicators across the BRICS for the period 2000 - 2015. Using desktop approach, we sourced our data from the World Bank and United Nations Publications. Statistics indicate that China and India are fast growing in term of GDP within the period, more than the other member countries. Nonetheless, China the major strength of the BRICS, survived the global financial crisis of 2008 with GDP growth just decreasing to about 9.0 percent. All other BRICS members GDP growth rates have been declining recently. Overall, the growth rates of the BRICS countries have declined tremendously after 2010 and macro aggregates are unstable. This, however, has led to negative growth in investment in fixed assets in two of the BRICS countries (Russia and Brazil). Our analysis suggest that, all BRICS members need to strive for inclusive economic growth, in order to eradicate poverty, address unemployment and promote social inclusion. New measures have become imperative if the BRICS countries are to be larger than the G6 in 50 years.