Green growth, globalization and financial expansion in BRICS: PMG-ARDL insights for economic development

Globalization, environment-oriented policies, and social disparities significantly shape the economic landscape of BRICS economies. However, these nations must align their strategies with global economic trends and integrate sustainable development goals to ensure continued economic growth. This quantitative study investigates the effects of globalization, green growth, financial expansion, urbanization, and trade on the economic performance of BRICS nations from 1990 to 2022. This study is a contribution to the body of literature as it will offer an in-depth examination of the short-term and long-term interrelationships between these variables through the PMG-ARDL. The empirical results demonstrate that globalization, green growth, financial expansion, urbanization, and trade have positive and significant impacts on the economic performance of BRICS countries. The analysis highlights that globalization drives economic growth, particularly in relation to green and sustainable initiatives, while financial expansion enhances the availability of resources, investments, and financial services. Urbanization and trade further contribute to economic growth. The implications of these findings to policymakers in the United Nations in meeting the United Nations Sustainable Development Goals (SDGs), especially SDGs 8 (Decent Work and Economic Growth), SDGs 9 (Industry, Innovation, and Infrastructure), and SDGs 13 (Climate Action) are also a major point in this research.