Factors Behind Economic Growth for BRICS Nations: An Examination within the Neoclassical Growth Framework

Abstract

The literature on growth economics mostly covers the studies on growth trajectory, convergence, issues of sustainability, etc., which are related to the so-called developed economies of the world. But the emergence of a few economies such as the members of the BRICS group in the recent past has provoked the theoreticians to shift their focus from the developed economies to these highly emerging economies as they are now chasing the countries of the developed world at least in terms of gross domestic products. But there may be differences in the roles of different factors in explaining the growth trajectories of the so-called developed economies vis-á-vis the highly emerging economies. This chapter thus aims to investigate the factors responsible for economic growth in the BRICS nations under the neoclassical growth framework for 1991–2020. The study finds that savings rate identified as the driving force behind the huge growth trends of the member countries in the group with a major contribution by China and India in the entire period, however, the results differ across sub-periods.

Citation

Nayak, A. and Das, R.C. (2022), "Factors Behind Economic Growth for BRICS Nations: An Examination within the Neoclassical Growth Framework", Chakraborty, C. and Pal, D. (Ed.) Environmental Sustainability, Growth Trajectory and Gender: Contemporary Issues of Developing Economies, Emerald Publishing Limited, Leeds, pp. 119-135. https://doi.org/10.1108/978-1-80262-153-220221010