The expert described three sources of enhancing economic growth of the BRICS countries

© RIA Novosti / Jeanne Manacapuru BRICS 2017<img src="/wp-content/uploads/sites/5/2017/08/eb77cff08df960e2001ecbce90bb676e.jpg" alt="The expert described three sources of enhancing economic growth of the BRICS countries” />© RIA Novosti / Zhanna Manukyan

Integration of internal economic space, strengthening cooperation at the regional level and enhanced cooperation with external partners are key sources of enhancing economic growth of the BRICS countries, says programme Director of the Valdai club, RIAC expert Yaroslav Lissovolik.

According to the expert, today we have a situation in which member countries (Brazil, Russia, India, China, South Africa) exist in different macroeconomic conditions.

«The situation is ambiguous: on the one hand, the macroeconomic situation in China, apparently, has improved somewhat. At the same time, there are problems with economic growth in a number of BRICS countries and South Africa, and Brazil, and Russia. Probably one of the priorities is the search for new sources of growth. If you look at the BRICS, I see three very important reserve to boost economic growth of our countries», — said Lissovolik in the thematic discussions at the site of the MIA «Russia today».

First of all, the economist drew attention to the fact that «almost all the BRICS countries have a high level of income inequality», both among themselves and inside their regions. «The reduction of these imbalances are due to internal integration of the economic space could indeed serve to boost potential economic growth,» says Lissovolik.

The second reserve to stimulate economic growth of enterprises, in his opinion, founded on the regional level. «Again, almost all of the BRICS countries have their own regional integration projects, which give some dividends. However, this potential is not fully used. If to engage to a greater extent, it will increase the economic growth of these countries,» — said the economist.

Finally, Lissovolik believes that «integration and greater cooperation» between the BRICS countries on the one hand and their partners on the other, also have great potential for economic growth. «In this context, the initiative of China to expand the circle of partners of the BRICS countries (the so-called initiative «BRIX plus» — ed.) can serve as a very important factor in enhancing economic growth», — concluded the expert.