Acta Universitatis Danubius. Œconomica, Vol 9, No 6 (2013)

Abstract

The aim of this paper is to demonstrate the new and increasing economic and political power of the largest emerging economies as a part of the world economy, their fast economic growth based on the main economic developments during the last three years. The paper also presents the significant influence of the five BRICS countries(Brazil, Russia, India, China and South Africa) on regional and global affairs, representing almost 43% of the world’s population, 30% of its dry surface, producing 25% of global gross domestic product, attracting 53% of the world capital and holding foreign reserves totalling approximately 4500 billion US dollars. The huge economic potential of these five coutries from the BRICS Group, is such that they could become the world’s most dynamic and dominant economies. The paper also highlights the low performance of the emerging world, in terms of inflation and unemployment and concluded that currently, despite the economic difficulties faced by the Western developed countries and according to trends in the world economy, emerging economies continue their rapid economic growth