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There may be minor differences between this version of the speech and the delivered German version. Admittedly, this may have been a much easier topic a few years ago when the successes of the BRICS economies far overshadowed their weaknesses.
As the challenges facing the BRICS economies have mounted, there are now many question marks over the economic power of the BRICS grouping and the ability to realistically challenge and change the global economic order to one which is more representative and fair.
Both advanced and emerging economies have slowed with each facing their own set of dynamics adversely impacting growth and which inter alia require bold actions in the implementation of much needed structural reforms.
It seems appropriate to be delivering this speech in the heart of Europe, a region which has vast trade linkages with the BRICS economies and where the economic influences are strong. I would imagine that developments in Europe and the many challenges that this region has been confronted with daniel kaye global business reports, have occupied more of your attention than BRICS matters have.
European developments have certainly occupied the attention of policymakers in BRICS countries since, as we all know, we live in a highly interconnected and interdependent world with significant spill-overs across countries. South Africa takes a keen interest in Europe, given large trade linkages and therefore significant implications for our economic prospects.
The relationship between South Africa and Germany in particular, has been a long and fruitful one and certainly the contribution to South Africa's development has not been insignificant. There are a large number of major German companies represented in South Africa, in particular in the automobile sector, as well as a number of small and medium sized enterprises.
Approximately German companies have operations in South Africa, employing over 90, workers1. Such a presence contributes significantly to employment and skills-building, and no doubt, towards technological advancement in South Africa.
But let me turn to the topic of the speech.
I will conclude with a brief update on economic developments in South Africa, which could be of interest to some of you. There were many criticisms levelled towards the inclusion of South Africa in this grouping, with the perception that South Africa's economic size was just too small for it to have any benefits for the BRIC.
However, if one considers the country's large mineral resources; very well developed, deep and sophisticated financial markets; strong institutions and robust and expanding infrastructure programme, then surely South Africa's presence in this grouping is not misplaced. In addition to South Africa being the only African member of the G20, its inclusion into the BRIC group provides it with a more representative structure and further emphasises the BRIC countries commitment to strengthening their presence and engagement in Africa.
SSA is an important export market, and there are significant financial linkages in terms of foreign direct investment and a strong presence of South African firms in the South African Development Community3.
Imports have similarly increased from R48 billion EUR2. The bulk of exports to BRIC countries consist of mineral products, although the percentage of mineral products in total exports in China, for example, has declined from levels of close to 80 per cent to 60 per cent in This most likely reflects to some extent the slowdown in China.
Most of the imports from China relate to machinery products and in India's case, mineral products. Thus, while trade with BRIC countries has expanded, there has been a slowdown in export growth more recently, with a consequent increase in the trade deficit with BRIC countries.
In South Africa, market capitalisation has more than doubled from per cent to per cent. It therefore comes as no surprise then that these economies became the new engines of global demand. Having been victims of the global financial crisis, and suffering the impact of large and volatile capital flows and what Mohamed El Erian has referred to as "tourist dollars"5, the BRICS countries were propelled into a common objective of reforming the international financial and monetary system, with a strong desire to build a more just, and balanced international order that reflects the dynamics of today's global economy and serves the interests of all in a fair manner.
To this end, the five countries in the BRICS community play an important role in the G20, in shaping global economic policy and promoting financial stability. In this respect, there seems to be an awful lot of doom and gloom bandied about the BRICS in some quarters.
Exports from BRICS to developed markets and investments into their respective economies have declined, while the collective contribution to global growth has fallen from a peak of nearly 50 per cent in to around 36 per cent in In addition, the local currencies of BRICS, with the exception of China, has experienced varied levels of volatility following the onset of the global economic crisis.
As Christine Lagarde noted in a recent speech7 there have been three particular challenges confronting the global economy and also the BRICS countries. First is China's growth transition and the rebalancing of its economy from industry to services, from exports to domestic markets, and from investment to consumption.
Report - McKinsey Global Institute Outperformers: High-growth emerging economies and the companies that propel them September – Some emerging economies have grown much faster and more consistently than others. Endole brings the best of software and data together to achieve a new standard of business intelligence. By connecting rich insights with intelligent technology, we have pioneered the way you identify opportunities, grow meaningful relationships, and understand your portfolio completely. Daniel Kaye was appointed a Director of AB in , and has been a Director of AXA Financial, AXA Equitable Life Insurance Company, MONY Life Insurance Company of America and AXA Insurance Company since
In the short run, this will lead to slower growth with spill over effects through trade and lower demand for commodities. Global trade, which fell to 20 per cent below its pre-crisis trend, was driven by sluggish growth in advanced economies, and the maturation of global value chains which has further reduced the elasticity of trade flows to economic activity and exchange rate changes.
Furthermore, higher capital requirements and tightened financial regulations have reduced banks' willingness to extend trade finance, and the pace of trade liberalization slowed.
Secondly, declining commodity prices has placed many commodity-exporting emerging economies under severe stress with very large currency depreciations in some cases and has set back growth in commodity-exporting BRICS.Kaye is a recognized reviewer for a number of scientific journals and is an active member of several professional organizations including the American College of Medical Genetics.
Dr. Kaye earned her master’s and MD degrees from Wayne State University in Michigan, and her PhD from Northwestern University in Evanston, Ill. Daniel Kaye is Senior Vice President at Healtheast Care System. See Daniel G Kaye's compensation, career history, education, & heartoftexashop.comtion: Senior Vice President.
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