BRICS and emerging economies: An assessment

The aim of this chapter is a comprehensive analysis of various aspects of the emergence of BRICS. We begin with an examination of the emergence of BRICS showing that BRICS have been members of the top fifteen largest economies in the world since 1960. In purchasing power parity terms, by 2015, BRICS equalled G7 countries in terms of share of global output. Various possible explanatory factors of their growth are examined. Though BRICS account for nearly half of global output growth, in terms of real per capita income they still have a long way to go. There are many challenges to BRICS in terms of levels of income and wealth inequalities, the educational inequalities as measured in terms of education-Gini, and the quality of their infrastructure, notwithstanding that the massive investment being made remains inadequate. The chapter ends with an analysis of global governance issues and four possible future scenarios for BRICS.