BRICS on growth track through planned reform: Experts

Davos (Switzerland): The economies of BRICS countries — Brazil, Russia, India, China and South Africa — are constantly growing through planned structural reforms, experts said at the 45th World Economic Forum annual meeting here Thursday.

In a session debating the economic outlook for BRICS countries, speakers showed optimism over their potentials.

India’s Finance Minister Arun Jaitley said that India intended to return to an eight-nine percent growth rate, and that the recent change in government had led to greater clarity regarding the path forward and a changed mindset, inside and outside the country.

“The world is looking at India again,” he said. Lower oil prices were helping India’s current account balance and bringing down inflation, Jaitley added. For Brazil, South Africa and Russia, experts also thought structural reform would bring a positive effect to their growth despite the recent economic slowdown.

“We continue to invest in all these (BRICS) countries, because we invest not for the next two or three years, but for the next 10 or 15 years,” Xinhua quoted Carlos Ghosn, chairman and chief executive officer of Renault-Nissan Alliance, as saying.

Ghosn emphasised that despite the adjustments currently taking place in the BRICS countries, they were all capable of strong growth.