Asian Research Journal of Business Management Issue 3 (Vol. 3)2016
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Research Article
Asian Research Journal of Business Management
A Comparative Analysis of Economic Growth of BRICS Countries
Savita Shastri
Lecturer, Department of Post Graduate Studies in Commerce, Bhandarkars’ Arts & Science College, Kundapura, Udupi District, Karnataka, India.
Received: 26 December 2015; Revised: 18 January 2016; Accepted: 21 January 2016
Abstract: In this present day competitive global business environment, it is imperative to
adopt the strategy of Integration and Collaboration. Regional Trading Arrangements have
gained momentum post world war as the countries have realized the value of economic and
trade cooperation. BRICS is an association of five major emerging economies Brazil, Russia,
India, China and South Africa. BRICS countries represent 42% of the entire world population
and have a combined nominal Gross Domestic Product of US$16.039 trillion, which is
equivalent to approximately 20% of the Gross World Product.
The idea behind formation of BRICS is to stimulate bilateral relations among BRICS nations
on the basis of non-interference, equality, and mutual benefit. BRICS aims at creating a WinWin situation for all member countries which are rapidly developing economies and have been
playing an important role on the global economy. They are developing countries with relevant
global economic performance and high potential and with systemic importance for the world
economy. In this respect, their national performances have profound implications both
regionally and globally.
This paper aims at studying the individual performances of BRICS countries from Socioeconomic perspective and also presents a comparative analysis of member countries since the
formation of BRICS in 2010. The study relies on secondary sources of information and is
carried out with an objective of understanding the effectiveness and influence of BRICS on the
economic growth of its member countries over the years.
Keywords: BRICS, Rapidly developing economies, Economic growth, Regional trading
arrangements, Economic Cooperation.
INTRODUCTION
The BRICS Forum, an independent international organisation encouraging commercial,
political and cultural cooperation between the BRICS nations, was formed in 2011. The term
"BRIC" was coined in 2001 by the chairman of Goldman Sachs Asset Management, Jim
O'Neil. The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China)
met in New York City in September 2006 at the margins of the General Debate of the UN
General Assembly, beginning a series of high-level meetings. The BRIC grouping's first formal
summit was held on 16 June 2009 in Yekaterinburg, Russia with the focus on building better
cooperation amongst the four member countries and improving the global economic situation
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and reforming financial institutions. South Africa officially became a member nation on 24th
December 2010, after being formally invited by the BRIC countries to join the group and was
renamed BRICS – with the "S" standing for South Africa. The first five-member BRICS
summit was held in 2011 in China [1]. In June 2012, the BRICS nations pledged $75 billion to
boost the lending power of the International Monetary Fund (IMF). In late March 2013, during
the fifth BRICS summit in Durban, South Africa, the member countries agreed to create a
global financial institution ‘New Development Bank’ as a rival to the western dominated IMF
and World Bank. On 15 July 2014, the first day of the BRICS 6th summit in Fortaleza, Brazil,
the group of emerging economies signed the long-anticipated document to create the US$100
billion New Development Bank (formerly known as the "BRICS Development Bank") and a
reserve currency pool worth over another US$100 billion. Documents on cooperation between
BRICS export credit agencies and an agreement of cooperation on innovation were also inked
[2]. The grouping has held annual summits since 2009, with member countries taking turns to
host. Russia currently holds the chair of the BRICS group, and hosted the group's seventh
summit at Ufa, Russia on 8th – 9th July 2015. The next BRICS summit will be held in New
Delhi in 2016 and will be chaired by Indian Prime Minister Narendra Modi.
REVIEW OF LITERATURE
Formation of BRICS forum is on the lines of stimulating economic growth and cooperation
amongst the member countries. All International trade theories have endorsed the concept of
trade relations between countries. Country Similarity Theory by Steffan Linder, a Swedish
economist talks about the similarities between nations from a trade point of view. He opines
that countries at the same stage of economic development become trading partners [3]. BRICS
justifies this concept as all the member countries are RDE’s (Rapidly Developing Economies).
Djennas, Benbouziane, & Djennas [4] remark that most developing countries have been
remarkably successful in diversifying their economies and their international trade strategy
structures which is not the case with large number of African and Latin American countries
owing to their dependence on a few commodities belonging to a few sectors (Oil and Natural
gas). The researchers further state that the economic growth of a country is very sensitive to the
export competitiveness and economic diversification [4].
Patra & Samantaraya have identified the close interdependence among savings, investment and
economic growth rate. The researchers have compared India’s savings and investment
performance during 1960-2011 with other developing nations. During 1997-2002, India’s
savings rate was better than most South Asian as well as Latin American countries, but was
behind East Asian countries. During the period 2003-11, India’s savings rate grew and was
almost comparable to East Asian countries and continued to be much higher than Latin
American countries. The researchers concluded that India has one of the lowest degrees of
reliance on net foreign inflows for financing domestic capital formation [5]. Kumari &
Malhotra identify the need to redesign development policies to attain rapid export growth
which in turn will lead to economic growth. The researchers further state that countries
promoting exports should also open their market for imports and maintain competitive pressure
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for domestic producers and at the same time also derive benefits of latest technology
advancements [6]. Chettri & Raju is of the opinion that efficient and effective functioning of a
country’s financial system is also an indicator of the economic growth of the country. The
government must direct its policies towards strengthening the financial sector. Sustainable
economic growth becomes possible with the success of financial inclusion [7].
Madan mentions in her study that foreign investment forms the base of a country’s economic
growth. The shortage of capital in developing countries makes it attractive for the capital
surplus countries to invest their capital in the form of Foreign Direct Investments. In this
globalized economy, there is uninterrupted and free flow of capital with the ultimate goal of
profit maximization [8].
OBJECTIVE
Regional trading and preferential agreements are constituted to bring about prosperity and
growth in the member countries. BRICS is a unique forum as it comprises of countries
belonging to varied regions and represent Asian, Eurasian, African and South American
continents. Hu Jintao, former President of China, described the BRICS countries as “defenders
and promoters of developing countries and a force for world peace”. The BRICS members are
all developing or newly industrialised countries, but they are distinguished by their large, fastgrowing economies and significant influence on regional and global affairs.
The aim of this research is:




To understand the objectives of BRICS forum.
To study the individual performances of BRICS countries from Socio-economic
perspective.
To present a comparative analysis of economic growth of member countries since the
formation of BRICS in 2010.
To understand the effectiveness and influence of BRICS on the economic growth of its
member countries from 2011 – 2015.
METHODOLOGY
In order to achieve the above mentioned research objectives, relevant information from
secondary sources have been collected and analyzed. Literature related to Regional Trading
arrangements and Trading Blocks has been reviewed. Each member country of BRICS has
been evaluated and compared on the socio-economic parameters. Online sources, journals and
news reports have been referred to arrive at a detailed understanding of the BRICS forum. Data
quoted on the International Monetary Fund (IMF) website has been the basis of comparison
amongst member countries.
ANALYSIS & INTERPRETATION
The ultimate objective of BRICS forum is to move in the direction of socio-economic growth
of the member countries. Socio-economic growth is the process of social and economic
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development in a society and is measured with indicators, such as GDP, life expectancy,
literacy and levels of employment. Economic growth implies an increase in the actual output of
goods as well as an increase in the economic capability to produce them over a period of time.
Increase in GDP, increase in per capita income, increase in GNP are the indicators of economic
growth of a country [9].
Kumari & Malhotra explain the relation between export growth and economic growth cannot
be overlooked. Most economists have argued that export-led growth is an effective strategy of
achieving faster economic growth. Export growth helps in realization of external economies,
employment growth and in attaining higher levels of productivity via specialization.
Description of Member Countries: Brazil, officially the Federative Republic of Brazil is the
largest country in both South America and the Latin American region and is the world's fifth
largest country, both by geographical area and by population. Brazil's current constitution,
formulated in 1988, defines it as a federal republic and its economy is world's eighth largest by
nominal GDP and seventh largest by GDP (PPP) as of 2015. One of the world's major
breadbaskets, Brazil has been the largest producer of coffee for the last 150 years. Brazil is a
regional power in Latin America and some analysts are identifying it as an emerging global
power [10].
Russia, officially known as the Russian Federation is a federal semi-presidential republic in
northern Eurasia. Russia is the largest country in the world, covering more than one-eighth of
the Earth's inhabited land area and is also the world's ninth most populous country. The Russian
economy ranks as the tenth largest by nominal GDP and sixth largest by purchasing power
parity in 2015. Russia's extensive mineral and energy resources have made it one of the largest
producers of oil and natural gas globally. The country is one of the five recognized nuclear
weapons states and possesses the largest stockpile of weapons of mass destruction making it a
powerful country [11].
India, officially the Republic of India located in South Asia is the seventh-largest country by
area and the second-most populous country. A pluralistic, multilingual, and multi-ethnic
society, India is the largest democracy in the world. The Indian economy is the world's seventh
largest by nominal GDP and third largest by purchasing power parity [12].
Following market-based economic reforms in 1991, India became one of the fastest-growing
major economies; it is considered a newly industrialised country. A nuclear weapons state and
a regional power, it has the third-largest standing army in the world and ranks ninth in military
expenditure among nations.
China, officially the People's Republic of China (PRC), is a sovereign state in East Asia. It is
the world's most populous country, with a population of over 1.35 billion. The PRC is a singleparty state governed by the Communist Party of China, with its seat of government in the
capital city of Beijing. Covering approximately 9.6 million square kilometres, China is the
world's second largest country by land area. Since the introduction of economic reforms in
1978, China has become one of the world's fastest-growing economies. As of 2014, it is the
world's second largest economy by nominal total GDP and largest by purchasing power parity
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(PPP). China is also the world's largest exporter and second-largest importer of goods. China is
a recognized nuclear weapons state and has the world's largest standing army, with the secondlargest defence budget. China has been characterized as a potential superpower by a number of
commentators [13].
South Africa, officially the Republic of South Africa, is the southernmost country in African
continent. It is the twenty fifth largest country in the world by land area, and with close to 53
million people, is the world's twenty fourth most populous nation. South Africa is often referred
to as the "Rainbow Nation" owing to its multi-ethnic society encompassing a wide variety of
cultures, languages, and religions. Since 1994, all ethnic and linguistic groups have had
political representation in the country's constitutional democracy, which comprises a
parliamentary republic and nine provinces. Its economy is the second-largest in Africa, and the
34th largest in the world. In terms of purchasing power parity, South Africa has the seventh
highest per capita income in Africa and is seen as an emerging economy [14].
Objectives of BRICS:
The BRICS group is a South-South framework for cooperation and acts as a bridge between
developed and developing countries. It aims at advocating for the interests of middle powers on
global forum in the following ways:

The BRICS countries act as one to promote a more legitimate international system,
including advocating reform of the UN Security Council.
 The BRICS group are attempting to promote the liberalization of the international
economic order to diminish agricultural subsidies in the United States and the European
Union, which would make developing countries’ agricultural products more competitive.
 The BRICS group will also play an increasingly important role in assisting developing
countries in gaining an advantage in trade and climate change negotiations, as well as on
issues related to the export of manufacturing products.
 The group established the BRICS Business Council, made up of 25 prominent
entrepreneurs from the five countries and representing many industries and economic
sectors.
 The BRICS also formed an information-sharing and exchange platform that expands
beyond economic cooperation to also involve educational, cultural, and environmental
engagement.
 The BRICS group is against the current governance of Western financial institutions like
the International Monetary Fund and the World Bank and have set up New Development
Bank [15].
Data Analysis: A comparative analysis has been carried out on various parameters (GDP,
Investments, Savings, Population, Unemployment, Current Account Balance, revenue &
Expenditure) of economic growth in the five member countries. The World Economic Outlook
(WEO) database of IMF (International Monetary Fund) has been the source of data related to
various indicators of economic growth. The data for the year 2015 are based on IMF staff's
analysis and projection and are estimations. A comparative review of few of these indicators is
as follows:
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Gross Domestic Product per Capita: The Gross Domestic Product of any nation is dependent
on four factors, namely government spending, consumer spending, investments made by
industry and the excess of exports over imports. Gross domestic product (GDP) is the monetary
value of all the finished goods and services produced within a country's borders in a specific
time period. GDP is a broad measurement of a nation’s overall economic activity. GDP Per
Capita is arrived at by dividing the GDP by the number of people in the country. The per capita
GDP is especially useful when comparing one country to another because it shows the relative
performance of the countries. A rise in per capita GDP signals growth in the economy and
tends to translate as an increase in productivity [16].
Table 1: Gross Domestic Product Per Capita, Current Prices (U.S. Dollars)
& Percent Change in GDP, Constant Prices
Countries
Brazil
Russia
India
China
South Africa
2011
Units
13,237.59
13,320.22
1,513.85
5,560.94
8,089.87
2012
%
Units
12,106.00
3.9
14,069.16
4.3
1,476.93
6.6
6,249.09
9.5
7,592.20
3.2
2013
%
1.8
3.4
5.0
7.7
2.2
Units
11,893.71
14,467.79
1,488.99
6,974.87
6,889.70
2014
%
2.7
1.3
6.9
7.7
2.2
Units
11,572.70
12,717.69
1,607.65
7,571.54
6,482.75
2015 (Est)
%
0.1
0.6
7.3
7.3
1.5
Units
8,802.17
8,447.42
1,688.38
8,280.09
5,783.50
%
-3.0
-3.8
7.2
6.8
1.4
Except Brazil, all other countries have reported an increase in GDP per capita from 2011-14.
Russia has experienced a downward trend in 2014. Estimates for 2015 show a negative growth
rate for Brazil and Russia. Indian and Chinese GDP are on the rise. Among the five countries,
India has the lowest GDP per capita and Russia has the highest. The BRICS countries
collectively represent 27% of the world GDP.
Investments: A country’s GDP, tends to go in the same direction as the investments its
businesses make. As a component of GDP, business investments determine which direction an
economy will go. The GDP increases when businesses invest money in infrastructure, real
estate and other physical operations. Accordingly, when business and other private sector
investments taper off, the GDP tends to follow suit [17].
Table 2: Total Investments (Percent of GDP)
Countries
Brazil
Russia
India
China
South Africa
2011
21.8
24.4
38.9
47.0
19.1
2012
20.3
23.7
36.3
46.5
20.1
2013
21.0
21.6
32.5
46.6
20.1
18
2014
20.3
19.9
31.6
46.3
20.3
2015 (Est)
18.0
18.7
30.7
44.3
19.9
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Except South Africa, the rest of the members have experienced a marginal decline in
Investments. China appears in a slightly better position as the decline has been minimal. The
estimates for 2015 continue to reflect a declining trend in Investments. China has
comparatively the highest investments followed by India.
Gross National Savings: Savings can be defined as any income that individuals, companies
and governmental entities do not immediately spend immediately. The gross national saving
rate represents resources available for domestic and foreign investment. This rate is the amount
of savings expressed as a percentage of GDP, a measure of economic output that is equal to the
nation's income [18].
Table 3: Gross National Savings (Percent of GDP)
Countries
Brazil
Russia
India
China
South Africa
2011
19.0
29.5
34.7
48.9
16.9
2012
16.8
27.2
31.5
49.0
15.1
2013
17.1
23.2
30.8
48.1
14.3
2014
15.6
23.1
30.1
48.4
14.9
2015 (Est)
13.9
23.7
29.3
47.3
15.6
All the countries have experienced a decline in National Savings except China where there has
been a marginal increase in savings over the years. Russia has shown a drop on almost 6.4%
from 2011 to 2014 which is the highest. The 2015 estimates show positive signs for Russia and
South Africa in terms of savings. China leads in total savings followed by India.
Unemployment: Unemployment occurs when a person who is actively searching for
employment is unable to find work. The most frequently cited measure of unemployment is the
unemployment rate. This is the number of unemployed persons divided by the number of
people in the labor force [19]. Unemployment is often used as a measure of the health of the
economy.
Table 4: Unemployment Rate (Percent of Total Labour Force)
Countries
2011
2012
2013
2014
2015 (Est)
Brazil
5.9
5.4
5.3
4.8
6.5
Russia
6.5
5.5
5.5
5.2
5.9
India
9.4
6.3
5.2
4.9
4.8
China
4.1
4.1
4.0
4.1
4.1
South Africa
24.8
24.8
24.7
25.1
25.8
When it comes to rate of unemployment from 2011-14, all the countries have shown positive
signs in bringing down the rate. India has done remarkably well in reducing the unemployment
rate by 4.5% over the past 4 years. China reflects a stable and lowest rate of unemployment
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whereas South Africa has high unemployment rate. 2015 estimates don’t look favourable for
Brazil and Russia where unemployment rates may soar high.
Population: The number of people residing in a particular country determines the population
of the country. BRICS countries represent 42% of the world population and 26% of the world
land territory. China and India score high on population index.
Table 5: Population (Persons in Millions)
Countries
2011
2012
2013
2014
2015 (Est)
Brazil
197.3
199.2
201.0
202.7
204.4
Russia
143.0
143.3
143.7
146.3
146.3
India
1217.4
1243.0
1259.3
1275.9
1292.7
China
1347.3
1354.4
1360.7
1367.8
1374.9
South Africa
51.5
52.3
53.1
54.0
54.8
The population of all the member countries has been on the rise during 2011-14. India has
registered the highest population growth rate as compared to other countries; from 2011-2014
population has increased by 58.5 million. The upward trend in population growth is expected to
continue in 2015. Among the five member countries, South Africa has the lowest population.
Current Account Balance: The current account is a component in the Balance of Payment
statement and includes all transactions which give rise to or use up national income. The two
components of current account are Merchandise imports and exports and Invisible imports and
exports. The current account in the BOP can show a credit balance (surplus) or a debit balance
(deficit). A credit balance is termed as a favourable BOP and a debit balance indicates an
unfavourable BOP [20].
Table 6: Current Account Balance (U.S. Dollars – In Billions)
Countries
2011
2012
2013
2014
2015 (Est)
Brazil
-73.1
-84.4
-90.9
-103.5
-72.8
Russia
97.2
71.2
34.1
59.4
61.8
India
-78.1
-88.1
-32.3
-27.5
-30.3
China
136.0
215.3 148.2
219.6
347.7
-19.6
-19.0
-13.7
South Africa -9.0
-21.1
China and Russia have a credit balance (surplus) in their current account and Brazil, India and
South Africa have recorded a debit balance (deficit). China has the highest surplus and Brazil
has the highest deficit which has increased over the years. This trend seems to continue in
2015.
Government Revenue and Expenditure: Government revenue is money received by a
government. Revenues earned by the government are received from sources such as taxes
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levied on the incomes and wealth accumulation of individuals and corporations and on the
goods and services produced, exports and imports, non-taxable sources such as governmentowned corporations' incomes, central bank revenue and capital receipts in the form of external
loans and debts from international financial institutions. Government spending or expenditure
includes all government consumption, investment, and transfer payments. A change in
government expenditure is a major component of fiscal policy used to stabilize the
macroeconomic business cycle [21].
Table 7: General Government Revenue & Expenditure (Percent of GDP)
Countries
Brazil
Russia
India
China
South Africa
2011
Rev
35.1
37.2
19.0
27.0
27.0
Exp
2012
Rev
37.5
35.7
27.2
26.4
30.8
35.4
37.6
19.7
28.1
27.2
Exp
2013
Rev
37.9
37.2
27.1
28.0
31.3
35.5
36.9
19.7
28.1
27.6
Exp
2014
Rev
Exp
2015 (Est)
Rev Exp
38.6
38.2
27.4
29.2
31.6
33.9
37.4
19.6
28.5
28.2
40.2
38.6
26.6
29.7
32.0
33.4
33.9
19.9
28.8
29.1
41.4
39.5
27.1
30.7
33.2
The Revenue of the member countries has stayed stable over the past 4 years. India has
recorded the lowest government revenue over the years and Russia has recorded highest
revenue (2011-14). On the expenditure front, Brazil leads with highest expenditure and India is
the last in the pack. India however has the widest gap between revenue and expenditure. The
estimates for 2015 reflect an increase in both revenue as well as expenditure of the member
countries.
IMPLICATIONS
The BRICS Business Council (BBC) in its second annual report (2014-15) has highlighted the
need for creating a favourable business environment among member countries. Based on the
data presented above, among the five member countries, China and Russia have shown rapid
growth over the years in terms of GDP as well as their Current Account balance. However the
other member countries have lagged behind in most of the parameters. The deficit in the current
account of India, South Africa and Brazil seems to be on the rise, which means that trade has
not increased in these countries, the way it should have. BBC in its report does mention the
importance of trading in local currencies and facilitating trade amongst member countries.
Infrastructure development is yet another area where the member countries have to support
each other. The report states that there is a need to work towards improvement of the
population’s quality of life, for environment preservation and cooperate in the existing regional
physical integration initiatives within the five countries [22].
The formation and operations of BRICS has been a point of criticism and praise. Bilateral
relations among BRICS nations have mainly been conducted on the basis of non-interference,
equality, and mutual benefit (win-win). But there is a strong need for the stronger and
developed countries in the group to support and help the slightly weaker economies. The
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BRICS forum has tremendous potential to drive the world economy but it requires more
integration, collective effort and collaboration. It is estimated that the combined GDP (PPP) of
BRICS would reach US$50 trillion mark by 2020 [23].
CONCLUSION
The future of International business relies on mutual cooperation and association of developing
economies. To take on the world powers, it is important for the RDE’s (Rapidly Developing
Economies) to stay united and focused. The BRICS member countries are endowed with rich
human resources and its effective utilization could result in long term economic and
competitive advantage. Developing economies like Indonesia, Turkey, Egypt, Argentina, Iran,
Nigeria, Sudan, Syria, Bangladesh and Greece have also expressed interest in joining BRICS.
Hence, BRICS forum has a bright path ahead and could become a power to reckon with in
times to come.
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Corresponding Author: Savita Shastri,
Lecturer, Department of Post Graduate Studies in Commerce, Bhandarkars’ Arts
& Science College, Kundapura, Udupi District, Karnataka, India.
23