BRICS in a Digital Economy: Prospects for Cooperation and Ways of Implementation

Abstract

The digitization of all spheres of state activity and the availability of network technologies led to the development of the information society. The traditional economy began to acquire new features and forms of economic activity and began to focus on innovative development and the implementation and use of information and communication technologies (ICT). The subject area of this study required an interdisciplinary approach and work with a variety of sources. Explicative methods, the scenario-building method, a functional institutional approach and commonly accepted methods of analysis and synthesis were important for the study. An acknowledgment of the importance of the role of the digital economy is the annual increase in its share of the GDP of the developed countries of the world as well as the development of appropriate programs and initiatives within the framework of state development strategies. The BRICS countries should use their technological capabilities to appropriately digitize their economies in order to neutralize the existing gap between themselves and the most highly developed countries. This study showed that the use of modern ICT is a global trend and greatly simplifi es and automates the procedures of international trade. The BRICS countries are in fairly strong positions according to various indicators and indices of readiness for the transition to the digital economy.

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