The role of brics countries in the modern global economic space

Abstract

The article examines the place of the BRICS countries integration association in the global economic space. It was determined that the intensification of the economic influence of the BRICS economies over the last decade will transform the global economy. BRICS has great economic and political potential, which remains fully unrealized. Brazil, russia, India, China and South Africa have significant integration potential, the implementation of which will allow more effective influence on global processes. A suitable monetary policy with the dual goals of boosting international reserves and decreasing public debt contributes to macroeconomic stability. The BRICS countries have significant natural resources, which include energy carriers, vast spaces, unique ecological, in particular, freshwater reserves, as well as the «lungs of the planet». As a result, the economic and resource base of the BRICS can meet the needs of all humanity, should the need arise. Countries have the potential to become important sources of FDI, including flows to developing countries and among themselves, supporting so-called South-South cooperation. In the conditions of the coronavirus pandemic, the BRICS countries confirmed their readiness to respond flexibly to the changing situation in the world and demonstrated unity in the face of new challenges and threats. Thus, the New Development Bank established within BRICS timely announced the creation of a special credit mechanism to overcome the consequences of the coronavirus infection. At this time, the members of the interstate association are actively exchanging experience with the aim of reducing the spread of covid-19 and preventing the emergence of new foci of infection. It was determined that the global institutional system should be based on the network principle of the organization of power, since the significant concentration of economic entities on global markets under the objective trends of the growth of the population of the earth, the increase in the amount of resource consumption and other circumstances require making mobile and flexible decisions and reducing costs for the maintenance of the administrative apparatus. It was concluded that the coordinated digital transformation of the BRICS space, the real strengthening of digital interaction within the framework of the common platform, financial and interbank cooperation, deepening of trade relations, increasing the intra-group investment flow, etc., can be promising vectors for the development of cooperation within the framework of BRICS.