BRICS Countries in a Period of Uncertainty and Turbulence: Opportunities for the Formation of a New Configuration of the Global Economy

Irina Kosorukova, Alexander Voronov, Ekaterina Mirgorod, Svetlana Lupacheva and Olga Trubetskaya

Economic Studies journal, 2023, issue 7, 51-76

Abstract: The increasing uncertainty and turbulence of the external environment create new conditions for achieving global leadership. The study aims to conduct a comparative assessment of the economic, scientific, educational, and digital potential of the BRICS countries under conditions of uncertainty to identify opportunities to strengthen their leadership position in the global economy. The article presents the author's vision of the causes and factors of increasing uncertainty and its impact on modern states. The article proves the hypothesis that the BRICS countries are increasing their economic, scientific, educational, and digital potential in comparison with the developed countries of the G7. It concludes that the BRICS countries are superior in economic potential and lag in terms of scientific, educational, and digital potential. It is argued that the uncertainty and turbulence caused by the 2020-2021 pandemic helped the BRICS countries to increase their potential and align their positions with the G7 countries. The identification of the strengths and weaknesses of the BRICS national economies allowed the authors to identify their points of growth in the implementation of the outperformance strategy. It was determined that the most appropriate development strategy for the BRICS countries under conditions of uncertainty is an ambivalent adaptation strategy that allows them to increase their influence in the global economy.

JEL-codes: F01 F02 F62 F63 (search for similar items in EconPapers)
Date: 2023
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