Vol 11, No 3 (2024)

This study examines how business cycles impact economic growth in African countries using dynamic panel data analysis with the Generalized Method of Moments (GMM). The research utilizes comprehensive World Bank data spanning from 1990 to 2022, focusing on key economic factors such as inflation, foreign direct investment (FDI), exchange rates, and the far-reaching effects of the COVID-19 pandemic. The analysis reveals that both business cycles and economic growth have a positive influence on GDP per capita, though the impacts differ significantly across various regions of Africa. Inflation and COVID-19 emerge as significant variables contributing to economic fluctuations, emphasizing their disruptive effects on long-term growth patterns. Additionally, the study highlights how regional disparities and external shocks, including pandemics, have distinct consequences for economic resilience. The findings provide crucial insights for policymakers aiming to stabilize economies during periods of heightened volatility and uncertainty, promoting sustainable growth in the process. By deepening the understanding of how business cycles and economic growth are interconnected, governments across Africa can implement more effective strategies to mitigate the adverse effects of economic downturns while capitalizing on opportunities for growth. Ultimately, this research underlines the importance of considering external shocks in developing long-term economic policies.

The article analyzes the initiatives of the BRICS countries (Brazil, Russia, India, China and South Africa) to create a new monetary system. The authors consider the plans of the participating countries to strengthen their economic independence and increase their role in the global financial system. The article discusses in detail the prospects for creating a new unit of account, which can become an analogue of SWIFT, as well as plans for the formation of a unified payment system. Special attention is paid to the analysis of the challenges and problems faced by the BRICS countries on the way to the implementation of these initiatives. The authors emphasize that the creation of a new monetary system can be an important step towards strengthening the economic sovereignty of the BRICS countries and increasing their influence in the global economy. However, the implementation of these plans requires careful study and coordination between all participants of the association. The article is an in-depth analysis of the initiatives of the BRICS countries to create a new monetary system and may be useful for specialists in the field of international relations, economics and finance.

A historical-economic analysis of the Indian’s economy is given in the article. The periods before gaining independence, after 1947, Nery’s reforms, Rao’s reforms. Historical parallels are looked into and a brief description of the main historical periods is presented in the article. The authors pay attention to studying the structure of the economy and put changes in it down to the level of the development and the global events. A literature on the theme of the economy of the 20 the century is presented and examined. A comparison’s characteristics of the subject is given in the historical perspective. The authors use the ancient, colonial periods and the 20^th century. Special attention is paid to the research on the modern economy. Structure’s analysis is made according to the criteria that were given. The authors are determined that not only internal events, but also external influenced on economic policy of the Government. The authors stress a key role of the international involvement of India to the international relations.