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Prepared a special report that analyzes the role of member countries of BRICS in the global economy

The report, prepared by experts with the support of finance ministers and central bank governors of the BRICS member, focused on the analysis of coordination and complementarity of the BRICS countries, as well as their role as a source of growth for the world economy.The authors of the report focus on best practices, areas of cooperation and the strengthening of economic ties between the BRICS countries through which the Forum can act as a “new standard” in the post-crisis global economy.The report consists of five chapters.

In the first chapter presents an overview of the status of the economies of the BRICS members, their financial, managerial and regulatory structures, share in the global economy. The authors note that the share of the BRICS in world GDP (at PPP) rose from 16% in 2000 to 25% in 2010, and in the near future it is expected to be a significant increase.

The second Chapter assesses the impact of the global crisis and the resistance to it in the BRICS countries, they use fiscal and monetary stimulus, the recovery from the crisis and the contribution of the BRICS in global growth. The authors conclude that the crisis has led to a significant decrease in performance in BRICS. However, the banking sector of the BRICS countries continued to operate steadily. BRICS economies recovered quickly thanks to domestic demand. The crisis has shown that the BRICS countries need to allow domestic demand to act as a source of growth, reform of the financial sector, to monitor and manage speculative capital flows, to make the Central area of reform sustainability of fiscal policy, infrastructure development and job creation.

The third chapter of the report presents the best practices and institutions of member countries of the BRICS, which contribute to their high rate of growth. According to the authors, many of these practices can be used in the context of cooperation between the BRICS countries, to increase the overall growth of their economies. For example, as best practices in Brazil, the authors identify research in the field of agriculture, which helped turn the country into a major exporter, the use of biofuels for road transport and the establishment of the company as a manufacturer of high-tech Embraer aircraft. The main achievement of Russian authors consider reforms 1999-2009., aimed at economic growth, reducing inflation and the number of citizens living below the poverty line. In India, the key institution was private enterprise that will achieve a growth rate of 8-9%. As China’s achievements, the authors note competent involvement and use of foreign direct investment and infrastructure financing. An important source of rapid and sustained growth of China’s reform and development has become China’s banking industry and financial market. According to the authors, the secret of the success of South Africa is to develop and properly regulated banking sector, which allowed to avoid severe consequences of the financial crisis.

In the fourth chapter, the authors discuss the key challenges faced by the BRICS countries in its policy to increase growth. The authors note that because of the existing differences in the macroeconomic indicators and the development challenges that the countries of the BRICS are also differ. However, before all the BRICS countries face the task of institutional development, which is essential to ensure sustainable growth. The authors recommend that BRICS countries to strengthen coordination among themselves to maintain growth and counter global economic shocks. Such coordination may also contribute to the expansion of their role in the world.

In the fifth Chapter presents the existing areas of cooperation between the BRICS countries, as well as new areas, including initiatives aimed at growth and development within the BRICS, and in the world. As key fields, the authors identify cooperation in trade and investment, financing infrastructure, industrial development, transport, food security, technical education, development of financial markets, research, culture and tourism, international issues of energy security, the creation of effective institutions, as well as cooperation in the framework of the international development Bank to encourage investment in South-South.

In conclusion, the report notes that the rapid recovery of the BRICS countries after the economic crisis confirms their increased role in the global economy.