BRICS: The 2008 financial crisis and economic performance

The 2008 global financial crisis (GFC) resulted in a deterioration of the economic condition developing countries with lower growth per capita GDP, decline share exports goods and services worsening external balance. After limited initial impact, rates declined all economies were substantially BRICS period 2015–2019 than before crisis. Two them, Brazil South Africa, experienced drop GDP during 2015–1019. Export performance suffered balance worsened for countries. world increased mainly because rapid China to lesser extent India. relative size Brazil, Russia Africa decreased between 2001–2007 2015–2019. Furthermore, average compared that world. BRICS, however, fared better trade. Both their trade increased. have strong links other become more stable after GFC, thereby contributing economy. There are linkages among member Trade relations dominated by China. failed comply G20 commitment made at 2014 Brisbane summit raise rate 2% 2018. authors undertook time series analysis investigate relationship income, gross fixed investment GDP. We found out usually, but not countries, capital formation had positive effect on growth, while deficit negative effect.