Role of emerging economies

They've been making efforts to contribute to the establishment of a mechanism to coordinate economic cooperation among themselves

Of late, the emerging economic entities such as the BRICS grouping of Brazil, Russia, India, China, and South Africa, are being increasingly greeted with skepticism, as a result of the decelerating economic growth rates of some of the previously fast-growing emerging economies. However, it would be foolish to underestimate the significance of the BRICS in global governance simply because of this. As a matter of fact, BRICS is playing a considerable role in boosting the global economy, and its members are coordinating to handle intractable issues with regard to the long-term potential of global economic growth.

China is the largest BRICS economy, and, even though its growth rate has slowed, it is still expected to have a growth rate of around 7 percent over the next five to 10 years. This is much higher than that of many advanced economies, including the United States and European countries, which are only expected to grow by 2 to 3 percent.