Governance and economic welfare: A BRICS panel analysis

An effective governance structure is central to growth, sustainable development and equal income distribution (economic welfare) (Glass & Newig, 2020). Brazil-Russia-India-China-South Africa (BRICS) countries differ in with varying outcomes on economic welfare. This article explores the extent which impacts welfare BRICS viewed as an emerging powerhouse, significant growth prospects — yet distinct their systems, variability amongst its population. The utilised panel static models (pooled ordinary least squares (OLS) fixed effects (FEs) estimator) from 1996 2019 investigate of proxied by World Bank Governance Indicators (WGI) (proxied two channels): quantitative (output stock/economic growth) qualitative (reduced inequality). channels combine measure welfare: gross domestic product (GDP), a proxy for household distribution, inequality drawing (Heys, 2019). findings revealed that produced results BRICS. Democratic practise good principles (South Brazil) had negative effect both compared one-party states, such China Russia. Therefore, invalidate null hypothesis catalyst Sound policies, especially structural change equitable are necessary enhance countries. relevant discloses iterations distinction between sound policy implications developing nations’