BRIC countries need new strategies for growth in post-crisis world: expert

The international financial crisis has provoked changes in the world’s organization, so the BRIC countries need to develop new strategies to continue growing in the post-crisis world, said Jos Gilberto Scandiucci, from the Division of Financial Policy of Brazil’s Ministry of Foreign Affairs, on Wednesday.

Scandiucci and other researchers from Russia, India and China are gathering in Brasilia for a two-day Think Tank Summit to discuss “The Role of the BRIC countries (Brazil, Russia, India and China) in the Post-Crisis Global Transformation.”

The crisis represented a suspension of the BRICs’ ascension, which is regaining force now. But the return to this trajectory happens in a new world, and rich countries above all have changed, said Scandiucci. As Brazil’s Foreign Ministry representative, he noted that BRIC countries should focus on developing mechanisms to reinforce relations between them.

“Since this new world is a world in which rich countries will face difficulties in coming years, we (the BRIC countries) cannot depend on exports to them,” he exemplified.

Scandiucci emphasized the importance of this kind of meeting to promote the approach of BRIC countries and expects that they keep on being held from now on.

Vladimir Davydov, from the Russian Academy of Sciences; Li Xiangyang, from the Chinese Institute of Asia-Pacific Studies; Ritwik Banerjee, from Indian Council for Research on International Economic Relations (ICRIER) and Marcos Cintra, from Brazil’s Institute of Applied Economic Research (Ipea) have also participated in this discussion.