It is a well known fact that the international factors and interaction have significant effects on a country's economic wellbeing along with the internal factors. Rapid globalization increases this level of significance, brought by the international factors. Current global context creates a system of various economic layers and sub-groups that impacts the overall economy. This system of layers and sub-groups includes BRICS and MIST countries, which have the potential to outpace developed economies. Along with the BRICS and MIST, countries like Brazil, Indonesia, South Africa, India and Turkey emerge as a new group called "Fragile Five" due to high inflation, low growth rates, trade deficits, high dependency on foreign investment and devaluation of the local currencies. The way that these economies interact with international economic developments and effects on their fiscal structures hold a great significance on economic wellbeing.