Assessment of Balance of the Economic Development of BRICS
Assessment of Balance of the Economic Development of BRICS

Summary/Abstract: During the study the factors that influence the balance of economic development of the country were identified through which it was the necessity of a comprehensive approach to assessing the balance of economic development from the perspective of two interconnected approaches: economic and social. In order to determine the overall quantitative assessment of the balance of economic development of countries it has been developed the indicator that integrates the categories such as investment climate, innovative activity, the resource- potential productive capacity, financial capacity, pertaining to the economic block of indicators and demographics and labor force, health and education that are related to the social block indicators. The main advantages are the possibility of the integral index of the complex (consolidated) assesses the balance of economic development within countries in the context of major socio- economic indicators, as well as in cross- country comparisons. In this study, the authors detail the algorithm of selection of indicators to assess the balance of economic development of countries and to track the dynamics of changes in the base factors, as well as the selection of homogeneous groups of countries with different levels of socio- economic development. Produced experimental calculation of integral index of balance of economic development on the example of the BRICS countries has given a fairly complete picture of the studied categories. Based on the calculated data main trends of integrated indicators of the balance of economic development of the BRICS were predicted and point forecasts for the development of two variants: pessimistic and optimistic are given.

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