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BRICS Countries in a Period of Uncertainty and Turbulence: Opportunities for the Formation of a New Configuration of the Global Economy

Author

Listed:
  • Irina Kosorukova
  • Alexander Voronov
  • Ekaterina Mirgorod
  • Svetlana Lupacheva
  • Olga Trubetskaya

Abstract

The increasing uncertainty and turbulence of the external environment create new conditions for achieving global leadership. The study aims to conduct a comparative assessment of the economic, scientific, educational, and digital potential of the BRICS countries under conditions of uncertainty to identify opportunities to strengthen their leadership position in the global economy. The article presents the author's vision of the causes and factors of increasing uncertainty and its impact on modern states. The article proves the hypothesis that the BRICS countries are increasing their economic, scientific, educational, and digital potential in comparison with the developed countries of the G7. It concludes that the BRICS countries are superior in economic potential and lag in terms of scientific, educational, and digital potential. It is argued that the uncertainty and turbulence caused by the 2020-2021 pandemic helped the BRICS countries to increase their potential and align their positions with the G7 countries. The identification of the strengths and weaknesses of the BRICS national economies allowed the authors to identify their points of growth in the implementation of the outperformance strategy. It was determined that the most appropriate development strategy for the BRICS countries under conditions of uncertainty is an ambivalent adaptation strategy that allows them to increase their influence in the global economy.

Suggested Citation

  • Irina Kosorukova & Alexander Voronov & Ekaterina Mirgorod & Svetlana Lupacheva & Olga Trubetskaya, 2023. "BRICS Countries in a Period of Uncertainty and Turbulence: Opportunities for the Formation of a New Configuration of the Global Economy," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 51-76.
    • Handle: RePEc:bas:econst:y:2023:i:7:p:51-76
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    References listed on IDEAS

    as
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    2. Vyacheslav Pavlovich Shuyskiy, 2019. "International trade and digitalization of world economy," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 7, pages 7-20, July.
    3. Mr. Montfort Mlachila & Ms. Misa Takebe, 2011. "FDI from BRICs to LICs: Emerging Growth Driver?," IMF Working Papers 2011/178, International Monetary Fund.
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    More about this item

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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