Inquiring the Nexus Between International Trade, Economic Growth, and Environment for the BRICS Economies

Abstract

International business, environmental issues along with economic growth are the three of the most important aspects of development economics. One cannot deny the fact that a nation, in modern globalized world, cannot achieve high growth without getting into trade with rest of the world as well as without hurting the environment. Nations should not forget the fact that we are in the process of achieving Sustainable Development Goals which we have imposed upon ourselves for the sake of a safe world. BRICS nations are five such nations which not only account for more than 30% of the world's output but also have around 41% population. These features coupled with high growth rates of these nations make them the emerging economies with high chances to dominate the world economy in nearing decades. In this study, by the help of simultaneous equation model and panel data analysis, we have seen how far these three important issues are influenced by one another and related variables in these five nations. We have found that both gross domestic product (GDP) and trade-related variables have been influential upon one another. But these variables getting influenced by emission as well as influencing emission are areas of worries. Good economic growth coupled with safe environment in a globalized world is what we desire for which BRICS economies need to implement certain policies that would ensure their dominance in the world economy and save the environment.

Citation

Chatterjee, N. and Chatterjee, T. (2024), "Inquiring the Nexus Between International Trade, Economic Growth, and Environment for the BRICS Economies", Bhattacharyya, R. and Mazumdar, D. (Ed.) Contemporary Issues in International Trade, Emerald Publishing Limited, Leeds, pp. 179-193. https://doi.org/10.1108/978-1-83797-320-020241011