BRICS prospect remains promising amid global headwinds

The current economic hardship detected in some developing countries has dampened confidence in the prospect of BRICS.But it requires wisdom and far-sightedness to see that the emerging-market bloc is still an essential engine driving forward the world economy.

EMBRACE "NEW NORMAL"

Economic slowdown in almost all five BRICS countries in the past year have unfortunately given rise to the "Broken BRICS" rhetoric, which has further gained popularity in the West with the recently-revealed 7.4 growth of the Chinese economy last year, slowest in 24 years.

What have also added to the concerns are the major setback experienced by the Russian economy under Western sanctions, as well as the deceleration or even stagnation registered in India, Brazil and South Africa.

In fact, there is no need to make a fuzz about the cooling-down of the BRICS economies, as it only mirrors a gloomy global landscape.

The world economy is still undergoing profound adjustment as a fallout of the 2008 financial crisis.

With continued structural reforms, the Chinese economy is embracing the "new normal" featured by milder growth but higher quality. Similar efforts are being made in other BRICS economies such as Russia and South Africa.

Russian President Vladimir Putin has voiced confidence to go through economic difficuties, as external restrictions have prompted his country to carry out structural changes to inject vitality into the economy.

The Russian government revealed last month that there were some "visible signs" of stabilization in the country's economy after a month of violent turbulence.

As for India, the World Bank has projected that its economy, expected to grow 6.4 percent this year and even faster in 2016, will be a "bright spot" in an medium global economic outlook.

UPGRAD COOPERQTION

Coined by the Goldman Sachs economist Jim O'Neil in 2001, BRICS is an acronym referring to Brazil, Russia, India, China and South Africa, which happen to be the world's largest and most populous developing countries.