South Africa urged to boost leadership skills for BRIC
South Africa is also strategically positioned to provide regional financial and services infrastructure to these two economies as they seek opportunities to exploit resources from other African countries.
South Africa, with a 285-billion U.S. dollars economy, and comparatively low growth of about 3 percent lags its BRIC companions. South Africa’s economy is less than a quarter of the size of Russia’s and only slightly larger than China’s sixth- richest province.
However, the four economies have been looking for markets away from the heavily regulated economies of north America, Europe and parts of developed south east Asia and sub-Saharan Africa’s economy grew from 322 billion dollars in 2000 to 931 billion dollars in 2008, according to the International Monetary Fund, although it has slowed significantly, in line with international markets, over the last two years.
South Africa is expected to push harder for the 15 nations of the Southern African Development Community to integrate trade and policies, the community has lagged on integrated economic systems to its ongoing disadvantage,” South Africa’s premier training, consulting and project management service providers said.
Van Wyk said if the leaders of SADC can show greater commitment to economic integration the region could see the economies of the whole region show much needed growth and real economic clout.
South Africa’s rand has strengthened since it was invited to join BRIC, partly in expectation of an inflow of funds from realigning BRIC portfolios.
Eagles, or “emerging and growth leading economies” of which Bric is a key component are tipped to contribute about 50 percent of global growth over the next decade and will have most of the world’s consumers.
Eagles include China, India, Brazil, Indonesia, South Korea, Russia, Mexico, Egypt, Taiwan and Turkey. South Africa is on an economists watch list of 11 others up and coming states dubbed the “Eagles Nest.”
“2011 could be an exceptionally important year for South Africa’s economy,” Van Wyk said.
The decisions made this year by business and political leaders will have a profound impact on economic growth or stagnation.
“The growing economies of the world, like China, are giving us a shove forward. We already sit on key bodies like the United Nations Security Council, now South African leaders and citizens need to provide the sort of impetus that the country needs to rebound out of recession and back to sustained growth,” Van Wyk told Xinhua.