Reuters reports that Russia recently revealed that South Africa applied to be become a member of the BRICs (Brazil, Russia, India & China) meaning that BRICs could as a result morph from “BRICs” to “BRICS.” (N.B. – The definition of what form the said “application” was tabled in remains unclear).
As the continent’s largest economy, South Africa’s inclusion might seem to some like a no-brainer but Jim O’Neill, the Goldman Sachs executive who came up with the term BRICs in a 2001 paper titled: “The World Needs Better Economic BRICs” says he does not think South Africa should be a member of BRICs. When asked why by the Reuters news team he reminded them that not only does he not think that SA should not be included in BRICs but that Goldman Sachs also did not include SA as one of the N-11 or Next 11 emerging economies, a list that includes Nigeria and Egypt citing South Africa’s lack of a sizable working population as his main problem. Read the Reuters Africa blog entry, “Should South Africa be a BRIC?” here. “The country in Africa that has the real potential is Nigeria,” he said.
Despite SA’s weaknesses it is important to remember that it has still so far been able to come up ahead of Nigeria in many sectors even though Nigeria is easily three times its population size. SA is also currently a member of the G-20 nations, a group that Nigeria was not considered eligible for. See members of the G-20 below this post.
Which do you support? BRIC(South Africa) or BRIC(Nigeria)? Neither? Both?
- Saudi Arabia
- South Africa
- Republic of Korea
- United Kingdom
- United States of America