“BRICS countries embrace strong economic recovery, structural shift” this is the Headline of an article which appeared in some Chinese newspapers in Business page. The article states as follows “As leading emerging economies, the BRICS nations are taking the lead to move out of the world financial crisis and regaining robust growth. They were also among the first to look into the flaws of their economies and started to make a change.”
The article also states that “The global financial crisis has triggered widespread reflection on the former economic development mode not only in developed countries, but also among BRICS countries. They realized the unsustainability of their past development paths, and started to restructure their economies” (For full news:BRICS countries embrace strong economic recovery, structural shift)
This news may be surprising for those who read (or) hear for the first time about the term BRICS (Brazil, Russia, India, China and South Africa (SA later Joined in BRIC)). Before going further about the article, let me tell you the background why Chinese newspapers had published this news now. The third meeting of BRICS will be held in Sanya on South China's tropical island of Hainan this week. Many Experts across the globe said that the big emerging economies would continue to play a prominent role in the future.
My Reflection
This article is no doubt a fantastic one. It describes about the major problems and issues like inflation, deficit, corruption etc… facing by the BRICS countries. However, the important line on which one has to give their attention is “However, cooperation among BRICS is never easy. Among opportunities and trust there are also competition and suspicion.” The article rightly said that there are territorial and political disagreements among BRICS Countries. The vital part of the article is its concluding remarks which state “How to deal with their differences and cooperate as best as they can test the BRICS nations' wisdom and courage.”
As the news states that these Emerging economies may have robust growth rate; but the robust growth alone cannot make one country to have stable growth for a long time. There should be development. In today’s people talk more about Growth (which is mostly Vertical one) and fails to talk about Development (Horizontal Part). Instead, they talk about so called “Inclusive Growth” (a modern phrase). (Note: I am not here to explain these modern concept or basic differences between the old and new :) )
Inclusive Growth (if it all it literally means what it is) should be achieved by these big emerging economies (BRICS) in order to take lead of the world. It is too early to say the BRICS will take lead of the world. It cannot be done unless 2 important things happens 1. They need to sort out their own differences (among BRICS), so that each will be benefited & have a sustained development/ growth and 2. They need to concentrate and tackle their own major problems and issues which can become a major hurdle for their robust growth rate in near future.
