UNU-MERIT has released the paper "Structural Transformation in Brazil, Russia, India, China and South Africa (BRICS)"
Based on a book published in 2015 by the Oxford University Press on "Structural Change and Industrial Development in BRICS", the United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT) has recently released a paper analyzing the structural transformation in Brazil, Russia, India, China and South Africa.
Structural transformation is a source of higher productivity growth and per capita income and it would reduce countries' vulnerability to poverty and external shocks by achieving greater diversity in terms of economic structure.
The growth of BRICS over the last 30 years and the achievements in structural reforms and poverty reduction offer - according to the paper's authors - interesting hints for lower and medium economies aiming at putting in place structural changes, including the growth of dynamic sectors such as manufacturing and market services.
The paper also offers an overview on the main causes of success and failure in BRICS and lessons that developing countries can learn from.
The publication finally highlights the importance of entrepreneurship and private sector as a driver of economic growth and puts the attention on the fact that structural economic transformation for poverty reduction passes through the stimulation of innovativeness, one of the main reasons why BRICS have to put all their efforts in the development of measures promoting innovation.
The paper is available here.