Developing economies can fight crisis - BRICS leaders

Developing economies can fight crisis, G20 should keep up global demand - BRICS leaders BRISBANE, November 15. /TASS/. Leaders of the BRICS developing-nation grouping of Brazil, Russia, India, China and South Africa believe that economies of developing countries were well-prepared and were ready confront external disturbances. The BRICS leaders said so in a statement for media after their meeting on the sidelines of the ongoing G20 summit in Australian city of Brisbane on Saturday. However, the BRICS leaders said that stable and long-term restoration had not been attained six years after the start of the global financial crisis. Developing market economies contribute to global economic activity through keeping up high growth rates despite the unfavourable situation and a negative impact of the policy, particularly that in the monetary sphere, pursued by major developed countries, the BRICS statement said. The BRICS leaders noted effort the G20 states are taking in this sphere, but noted the need for additional support measures to keep up global demand in the short-term prospect, particularly by developed countries. Meanwhile, the BRICS leaders shared views on the prospects over main issues on the agenda of the G20 summit and expected results of the summit. They also confirmed their intentions to work together with other summiteers for the sake of a successful G20 summit, the BRICS document said. Read more