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BRICS. Should South Africa be part of it?
Date: 31 July 2018 Category: Economics |
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In this article we take a look at a few graphics Statistics South Africa published relating to BRICS countries after the 10th BRICS summit which took place in Johannesburg South Africa recently. We wonder if South Africa really belongs in BRICS?
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The baby wants to sit at the adult table?
The image below shows the population of the various BRICS countries and contributions the BRICS countries make up of the total world population. BRICS countries makes up roughly 42% of the world population. And of the BRICS countries, China and India makes up 87% of the total BRICS countries population. South Africa's population makes up a mere 1.8% of to total BRICS countries population. Not exactly a heavy weight in terms of population.
The BRICS member countries relative contribution to the total BRICS population is as follows:
- China: 44.6%
- India:42.4%
- Brazil: 6.6%
- Russia: 4.6%
- South Africa: 1.8%
In terms of BRICS economic value the BRICS members contributes as follows:
- China: 67%
- India:13%
- Brazil: 11%
- Russia: 7%
- South Africa: 2%
From the above graphics it is clear that South Africa is absolutely no match for their BRICS peers in terms of population or in terms of economic size. So what exactly is South Africa doing in the BRICS group? We believe the other BRICS members added South Africa to the group as they see South Africa as the gateway to the rest of Africa. South Africa is the most industrialized economy in Africa and has the best infrastructure of all Africa countries, including shipping ports. So get South Africa as part of BRICS, and then use South Africa as the spring board to the rest of Africa.
From a South African perspective, South Africa is busy aligning itself with new partners, and not the usual countries in the west. This time South Africa is focusing on the east with the two most populated nations on earth, China and India at the core. South Africa believes that there is a large untapped market for their goods in China and India. And is hoping that the BRICS alliance will open doors for them to the east.
But to be honest, we cannot see South Africa strong arming any of the nations in BRICS to get the upper hand in trade agreements or investment projects. We see South Africa's inclusion in BRICS as ploy by other BRICS members to get into Africa.
From a South African perspective, South Africa is busy aligning itself with new partners, and not the usual countries in the west. This time South Africa is focusing on the east with the two most populated nations on earth, China and India at the core. South Africa believes that there is a large untapped market for their goods in China and India. And is hoping that the BRICS alliance will open doors for them to the east.
But to be honest, we cannot see South Africa strong arming any of the nations in BRICS to get the upper hand in trade agreements or investment projects. We see South Africa's inclusion in BRICS as ploy by other BRICS members to get into Africa.