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Emergence of BRICS as an Economic Bloc

Author

Listed:
  • Badar Aalm Iqbal

    (Department of Commerce, Aligarh Muslim University, ALIGARH (UP) India)

  • Eliane Cristina de Araujo

    (Graduate Program in Economics, State University of Maringa, Brazil)

Abstract

The emergence of the BRICS economic bloc has become an increasing attention of the global community. This economic bloc accounts for 1/3 of the global population. Similarly, the bloc¡¦s aggregate nominal GDP amounts to US$13.6 trillion. The average growth rate of the BRICS countries during the last five years has been nearly 10 per cent and the growth forecast for the bloc in the coming years is estimated to be at 10 per cent, indicating the growth potential and opportunities of this emerging bloc are immense. Since the BRICS economies are coming up as potential trade, business and commerce destinations for the global business community, their economic structure, contribution and role are of paramount significance and, therefore, more research is needed on these horizons. With this in mind, the present paper examines the BRICS¡¦ economic significance, contribution and role in the growth and development of the world economy. The paper further explores whether the BRICS grouping remains a myth or could prove to be a reality.

Suggested Citation

  • Badar Aalm Iqbal & Eliane Cristina de Araujo, 2015. "Emergence of BRICS as an Economic Bloc," Transnational Corporations Review, Ottawa United Learning Academy, vol. 7(1), pages 110-120, March.
    • Handle: RePEc:oul:tncr09:v:7:y:2015:i:1:p:110-120
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