Human Potential Development As A Factor Of Brics Economic Growth

The great importance of the BRICS economies has been emphasized, these economies being dynamically developing and occupying a leading position in the global dimension of economic growth. The attention has been focused not only on the geopolitical and economic prospects of BRICS, but also on determining their relationship with the progress in human development of the member countries. The BRICS countries have been proved to show both close and opposite peculiarities and challenges of economic development. The considered factual data of the progress and funding of human potential in BRICS countries have proved asymmetry between them in both human development trends in quantitative and qualitative aspects, and the priority areas of its intensification. Given the high availability of other resources (natural, financial, human in the quantitative aspect), the high quality human potential is only at the start of its way as a leading engine of the economic growth in these countries moving to the knowledge economy and information society. In total, the statistical and SWOT-analysis used in the study of the economic development of the BRICS countries confirmed nonidentical concepts of growth and development: the latter, in addition to improving quantitative indicators inherent in the growth, provides a qualitative development of key social parameters, the most important of which is the level of human development. The BRICS countries differ substantially in both the levels and elements of human development, and the methods, directions and efficiency of the national economy modernization. Out of all the members of the group, human development serves as a catalyst for economic growth only in China and India. The main challenges for the BRICS countries are institutional development, intensified construction of the social and economic infrastructure and acceleration of the reforms. The priorities of China and India are to expand domestic demand and increase welfare. As to Brazil, Russia and South Africa, their current dependence on exports of natural resources and raw materials requires diversification of the economic activity.