BRICS members become new growth engines for low-income countries: IMF report

17:05, April 16, 2011      

Email | Print | Subscribe | Comments | Forum 

BRICS, a mechanism that groups the world's five major emerging economies, has become a new growth driver for low-income countries (LICs), according to a report released by the International Monetary Fund (IMF) on Friday.

"While industrial countries remain LICs' dominant development partners, LIC-BRICS ties have increased so rapidly over the past decade that BRICS have become new growth drivers for LICs," noted "New Growth Drivers for Low-Income Countries -- the Role of BRICS, " a report released during the IMF and World Bank spring meetings here in Washington, D.C..

Foreign direct investment (FDI) and development financing from BRICS countries, namely Brazil, Russia, India, China and South Africa, to LICs "are making a significant impact in some key areas, " said the report.

Trade between LICs -- mostly in Africa -- and BRICS is already close to half of the value of combined trade with the European Union and the United States, and larger than with other emerging market economies, the report pointed out.

Beyond the increased flows of goods and capital, BRICS have brought new dynamics in LICs' economic relations with the rest of the world, the report added.

Source: Xinhua

  Weekly review  


  • Do you have anything to say?



Related Channel News

Special Coverage
  • BRICS Leaders' Meeting 2011
  • Focus On China
Major headlines
Editor's Pick
  • Mainz crashes Moenchengladbach 1-0
  • Discussions ongoing at Boao Forum
  • Emmy Award winner Bill Geist honored on Hollywood Walk of Fame
  • Coachella Valley Music &Arts Festival opens
  • Tsurenko beats Rodionova at Fed Cup
  • Nadal reaches Monte Carlo Masters' semi-final
Hot Forum Dicussion