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An Assessment of Economic Health of BRICS Economies after Economic Crises 2008


Affiliations
1 Government College for Women, Sampla, (Rohtak), India
2 Institute of Management Studies and Research, Maharshi Dayanand University, Rohtak, India
     

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At present BRICS encompass 40 percent of the world's population and account for nearly 30 percent of total global GDP in terms of PPP (Purchasing Power Parity).Further, with the total foreign exchange reserves of member countries estimated at US$ 4.3 trillion, BRICS accounts for approximately 40 percent of global reserves. China has the largest share (17.08 percent) in world's GDP and is the first largest growing economy in the world, whereas India's share in world GDP is 7.01 percent and is secured second fastest growing economy in the world. Each of the BRICS countries has multiple and different attributes and thus each has a huge potential to develop. This is the reason that the balance of global economic power is now shifting from United States and Europe to a number of fast growing and large developing countries. This paper is an attempt to study the economic health of BRICS after economic crisis. The study suggests that BRICS economies should improve their business environment to attract FDI and also focus on manufacturing sector and skill development to reduce unemployment.

Keywords

Economic Health, BRICS, Purchasing Power Parity, GDP, Economic Crisis.
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  • An Assessment of Economic Health of BRICS Economies after Economic Crises 2008

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Authors

Ritu Rani
Government College for Women, Sampla, (Rohtak), India
Kamlesh Gakhar
Institute of Management Studies and Research, Maharshi Dayanand University, Rohtak, India

Abstract


At present BRICS encompass 40 percent of the world's population and account for nearly 30 percent of total global GDP in terms of PPP (Purchasing Power Parity).Further, with the total foreign exchange reserves of member countries estimated at US$ 4.3 trillion, BRICS accounts for approximately 40 percent of global reserves. China has the largest share (17.08 percent) in world's GDP and is the first largest growing economy in the world, whereas India's share in world GDP is 7.01 percent and is secured second fastest growing economy in the world. Each of the BRICS countries has multiple and different attributes and thus each has a huge potential to develop. This is the reason that the balance of global economic power is now shifting from United States and Europe to a number of fast growing and large developing countries. This paper is an attempt to study the economic health of BRICS after economic crisis. The study suggests that BRICS economies should improve their business environment to attract FDI and also focus on manufacturing sector and skill development to reduce unemployment.

Keywords


Economic Health, BRICS, Purchasing Power Parity, GDP, Economic Crisis.

References