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BRICS Journal of Economics 4(1) (2023)
COVID-19: Its Impact on BRICS Economies
Prof. Badar Alam Iqbal, Adjunct Professor; Monarch Business School, Switzerland

Introduction

Twenty-one years ago, the idea of creation of an economic block was floated and accordingly four emerging economies of the world namely-Brazil, Russia, India and China got a name as BRICs countries or economic block. Later on, South Africa also joined the BRICs and the block has come up as BRICS countries. Today, BRICS nations have been contributing in the growth and development of the global economy. The stakes are also higher now than ever before, because emerging economies are more central to the global economy. The purpose of creating the block was to help in accelerating economic growth of the world on one hand and on the other hand to fill up the gap created by the west in 1999, the block accounted for nearly 23 per cent of the global GDP and 38 per cent on purchasing power parity (PPP) basis. Today the figures have increased to 35 per cent and 50 per cent respectively. BRICS nations accounted for 40 per cent of the total world population and in terms of number the Gross

Domestic Product of BRICS stood at US $ 16 trillion. Creation of BRICS Bank is the most significant contribution of the economic block and it is believed that the same is alternative to the IBRD or World Bank and Asian Development Bank. Similarly, establishing AIIB is another mile stone in the history of the economic block. The latest silver lining of the BRICS block is the setting up “foreign exchange reserves pool” with an amount of US $ 100 billion

which will help member countries at the time of crisis with dollar liquidity. The above mentioned three initiatives by the BRICS nations are being considered as the most significant contribution for accelerating economic growth and development of the global economy in general and developing economies in particular and may go a long way in

compelling the multilateral institutions to bring balanced approach and make necessary reforms for which the developing economies are insisting.

Ufa. BRICS has a chance to become a new model of global relations, which are above the dividing “east-west” or “north-south” lines, as the members respect national specifics, do not interfere with each other’s home affairs, and want to leave peacefully.

There is concrete saying that “coming together is the beginning, staying together is progress and working together is a success”. BRICS is likely to remain an effective and efficient multilateral forum with multi-polar global order.

Why Special Issue?

Whether or not the BRICS as economic; political; social and demographic block would have attained its objectives and philosophy, will be depending upon the sincerity, adherence on its philosophy, and commitment of the members’ nations towards the working of the block in promoting and attaining the objectives for which the block was established. The block should have more degree of responsiveness towards the developmental goals of the member countries in particular and globe in general especially after the emergence of COVID-19.

Topics to be covered in the SI:

The following issues could be the subject matter for the upcoming special issue:

a] Economic Impact;

b] Social Impact;

c] Political Impact;

d] Demographic Impact;

e] Future challenges for the BRICS economies;

Time frame for the Issue:

• Launch for the Call for Papers: June 30, 2022

• Last Date of submission of papers: December 31st, 2022

The papers should be between 6000 and 8000 words

No articles published in this issue

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