Socio-economic development of Russia in terms of the BRICS countries’ development

The welfare of the population is largely dependent on the socio-economic development of the country. It is believed that the stronger the state’s economy, the higher the standard of living of the population. In the framework of this article, the socio-economic development of Russia in terms of the standard of living of the population is considered. It is concluded that over the past 5 years, despite an increase in the level of wages and per capita income, the standard of living of the population of Russia has decreased. The welfare of the citizens of Russia and the citizens of the BRICS countries is compared herein. It is concluded that the dynamically growing economies of India and China contribute to the improvement of the living standards of the population, while the problems in the economies of Russia, Brazil, and South Africa negatively affect the incomes of the population of these countries. The paper suggests incitement of the domestic demand as a factor in the development of the economy and thereby the standard of living.