Analysing Factors of Economic Growth in BRICS Countries

Jordan Kjosevski

World Economics, 2025, vol. 26, issue 3, 102-127

Abstract: Industrial production, intra-BRICS trade, natural resource income, and foreign direct investment significantly drive GDP per capita growth in BRICS countries from 2010 to 2022. Domestic credit to the private sector may hinder economic growth, indicating a need for balanced credit allocation policies. Moderate inflation has minimal impact on economic growth, though stable inflation is crucial for macroeconomic stability. The study uses panel analysis with FMOLS and DOLS to assess key economic variables across BRICS nations. Limitations include aggregated data overlooking country-specific factors and challenges from global events, suggesting future research should focus on institutional factors and granular datasets.

Date: 2025
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