The competitiveness of BRICS countries as an element of global economic development

The article deals with the assessment criteria of BRICS countries' competitiveness. Basing upon the data of the Global Competitiveness Report, the authors carry out a comparative description of the countries in order to disclose the matching development trends. The article identifies the competitive advantages of the Russian economy, and defines the factors that hinder their effective use (low efficiency of state institutions and others). The authors discuss the similar trends in the GDP dynamics of BRICS member states.