BRICS COUNTRIES IN THE DEVELOPMENT OF THE MODERN SYSTEM OF WORLD ECONOMY – A RETROSPECTIVE ANALYSIS

The new polycentric format of the interstate association, which is BRICS, serves as the centre of gravity for the dynamically developing world economies. Over the past thirty years, the countries included in the group have gradually increased their economic weight on a global scale, concentrating an increasing part of the world’s industrial, infrastructure, trade, agricultural and other structures. Estimated from 1990 to 2021, BRICS has approximately doubled its economic and political weight on the world stage, mainly due to the growth of the real manufacturing sector. To date, on average, eleven BRICS countries concentrate about half of the world’s socio-economic and resource potential. Moreover, this share has a positive growth trend. It is not surprising that more and more countries are striving to join this association to strengthen their own economic and political position on a global scale. © 2023 Published by Faculty of Engineering.