A NEW PERIPHERAL ELEMENT OF THE BRICS STRUCTURE V. V. KLISHIN Candidate of Economic Sciences Russian Standard Bank JSC V. V. PAVLOV Doctor of Economics Institute of Africa, Russian Academy of Sciences Keywords: BRICS, Asian Infrastructure Investment Bank, BRICS New Development Bank Collective regional and sub-regional development banks controlled by the BRICS countries (Brazil, Russia, India, China, South Africa) form the most important peripheral links of the new global economic and financial structure of the world economy. In the long run, the real role of these BRICS institutions will obviously increase even more. They are increasingly directly contributing to a more effective implementation of the state economic policy of the participating countries in the field of increasing their own industrial potential, developing the private sector, finding new foreign markets for goods, including non-traditional exports, and using more modern technologies in them. The current stage of development of the world economy is characterized by the deepening processes of globalization in its various forms. One of the dominant trends is the direct involvement of the national economies of many developing countries with economies in transition in the processes of financial globalization1. Among them, the leading positions are occupied by the countries of the Asia-Pacific region (APR). Years of sustained rapid growth in the economies of the Asia-Pacific developing countries have led to a significant increase in the role of these countries in the global economy. However, until recently, these developments were not adequately reflected in the World Bank Group's (WB) supranational collective development banks*. The formation of the current BRICS institutional structure, essentially in the form of a quadrilateral star centered on the People's Republic of China, has led to the gradual development of peripheral elements in the form of sub-regional development banks. The main shareholders of ... Read more

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China Online
Beijing, China
17.02.2024 (154 days ago)
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