Impact of COVID-19 on Economic Development of BRICS Nations

Abstract

The purpose of this report is study and get insights into impact of COVID-19 on the economies of BRICS nations. As we know and have seen, COVID has been plaguing our society for more than a year and a half now and has impacted the economies of almost every country in the world. It is a highly contagious disease hence the growing nations or the emerging economies with booming population and fast paced urbanization are more vulnerable to it. That is why we are studying the impact of coronavirus on the emerging economies of BRICS nations. These countries account for almost half the world population. These countries are growing economies with good growth rates recorded in past decades. How coronavirus will impact these economies, different sector of economies, some exceptions to estimated impact are all looked upon in this study. For this study to materialize, I first divided economies into sectors and then went over individual industries of each sector to draw conclusions about how the future will be and how the current global scenario magnified/lessened the impact due to the pandemic. All of these findings, conclusions and insights are documented inside.