Main Article Content

Abstract

Unity is strength. Economic power is a source of strength as well. The world experienced bi-polar influence and later uni-polar influence till the emergence of third world countries as economic power houses. After the Second World War, many nations in Asia and America got independence and then started building of their economies. Initially the third world countries came together as regional groupings like the SAARC, ASEAN and OIC. With globalization, nations have realised the immense economic potential among them across the continents. BRICS is one such group of emerging economies in Asia, Africa, Eurasia and South America. Brazil, Russia, India, China and South Africa represent the rise of multi-polar world. The rise of BRICS represents not only their growing economic power, but also the aspirations of almost half of the human population on the globe. These economies are also growth engines at a time when growth in Developed countries has become stagnant. BRICS is not just the voice of 5 countries; it’s the hope of all the developing economies. The geographical size and location of these member nations, their combined population, GDP Per Capita and their share in global trade all truly represent new phase of multi-polar world and globalization. This type of multilateral forums would redefine globalization. BRICS offers a new horizon of economic development for the global economy. The voice of the third world countries and the social, economic and political interests of the developing world can be represented by BRICS more effectively. The objective of this paper is to analyse how BRICS could usher in a new globalization, considering the factors like their population, GDP, geographical area and trade and also the challenges and opportunities these countries face.

Keywords

Globalization, Developing Countries, Economy, BRICS, Multi-polar world

Article Details

How to Cite
[1]
Y Venkateswara Rao, “THE RISE OF BRICS ECONOMIES: THE NEW GLOBALIZATION”, IEJRD - International Multidisciplinary Journal, vol. 4, no. Special Issue, p. 6, Apr. 2019.