BRICS remain on growth track through planned reform, experts say

Many officials and academics from the BRICS countries said at the 45th World Economic Forum annual meeting on Thursday that all five countries' economies have confidence in constant growth during planned structural reforms. [Special coverage]

In a session debating the economic outlook for BRICS countries -Brazil, Russia, India, China and South Africa - speakers showed optimism over their potentials.

"We continue to invest in all these countries, because we invest not for the next two or three years, but for the next 10 or 15 years," said Carlos Ghosn, chairman and chief executive officer of Renault-Nissan Alliance.

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

Peking University economics professor Justin Lin said China would have to depend less on exports and more on domestic consumption and investment, but the government's strong balance sheet and high private savings would facilitate this transition.

"I am confident that China will be able to maintain a seven percent growth rate over the next five or even 10 years. China will continue to be an engine of world growth," Lin said.

Indian finance minister Arun Jaitley said India intended to return to an eight to 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.