A study on comparison of economic and scientific performances of BRICS countries

Abstract

PurposeThis study investigates the correlation between economic development and scientific knowledge production indicators in the BRICS countries from 2000 to 2020, highlighting the importance of human resources, natural resources, and innovation. Addressing a gap in the existing literature, this study aims to contribute significantly to understanding this relationship.Design/methodology/approachEmploying a descriptive statistical approach, this study utilizes GDP and per capita income as economic indicators and scientific data from WoS and SCOPUS databases, focusing on scientific document production and citations per document.FindingsThe analysis reveals a strong correlation between economic development and scientific performance within the BRICS nations during the specified period. It emphasizes the interdependence of economic progress and scientific prowess, underscoring that they cannot be considered independently.Research limitations/implicationsHowever, limitations exist, notably the reliance on specific databases that might not cover the entire scientific output and the inability to capture all factors influencing economic and scientific development.Originality/valueUnderstanding this interdependence has crucial originality. Policymakers and stakeholders in BRICS countries can leverage these insights to prioritize investments in human capital development and scientific research. This approach can foster sustainable economic growth by reducing reliance on natural resources.