IMF deputy head: BRICS countries are an engine of global economic growth

Min Zhu, Deputy Managing Director of the International Monetary Fund, believes that the BRICS countries are one of the prime engines of global economic growth.

Twenty years ago, BRICS accounted for less than 10 percent of global growth, while today they account for over 30 percent, making BRICS a true driver of global economic growth, Min Zhu said at an international conference in Washington.

He also made a number of recommendations that, in his opinion, will help strengthen the current growth trend. Regarding China, he believes greater rebalancing from investment to the service sector is needed to ensure more stable growth. According to Mr Min, India should focus on stimulating demand and facilitating investment by reforming land, labour and commodity markets. Brazil’s priorities should be to restore competitiveness and address budget deficits. And he urged South Africa to deal with structural issues, including access to electricity.

Russia, in Mr Min’s opinion, should revisit supply-side economics and implement reforms, in particular those aimed at enhancing competitiveness and improving regulation.