How to Predict Energy Consumption in BRICS Countries?

Brazil, Russia, China, India, and the Republic of South Africa (BRICS) represent developing economies facing different energy economic development challenges. The current study aims to predict consumption in BRICS at aggregate disaggregate levels using annual time series data set from 1992 2019 compare results obtained a models. time-series are British Petroleum (BP-2019) Statistical Review World Energy. forecasting methodology bases on novel Fractional-order Grey Model (FGM) with order parameters. This contributes literature by comparing accuracy predictive ability FGM1,1 traditional ones, like standard GM1,1 ARIMA1,1,1 Moreover, it illustrates view BRICS’s nexus disaggregates latest available set, which will provide reliable broader perspective. Diebold-Mariano test confirmed equal for specific range parameters model usefulness both approaches efficient forecasting.