Economics South Africa in the Global Economy

Question: Discuss about theEconomicsfor South Africa in the Global Economy. Answer: South Africa in the Global Economy. Debate Motion: South Africa has a Strong Place in the BRICS Group. It is observed that the role of South Africa plays a vital role in the global economy. South Africa has entered into the international trade community with pride and is fulfilling the requirements to a major extend. The country has grown from various economic problems. There was time that because of the unconventional monetary policies, there were crisis in South Africas domestic economy. But with the change in the economic structure the country had managed to grow along with the growth of globalization. Globalization is aimed with the integration of different countries and the same had helped South Africa to develop a dynamic structure in the global economy (Cecile, Gilles Philippe, 2012). It is observed that there is lot of imbalance in the economy of the country. Struggle to get the balance in the economy has made the country capable enough to face the challenges. South Africa now ranks in providing top-class companies and with the vast mining industries; the availability of minerals is an advantage for it. The deficiency of skilled labour has increased the cost of wages there (Popescu, 2013). With the recovery of the world economy there is a balance that is been developed in the country. It is the responsibility of the government that will help in the growth ad downfall of the economy and how to recover from it. After the downfall in the economy overall the government of the country has managed to come out of the situation successfully (Stumpf Vermaak, 2010). BRICS, an economic association formed with the objective of providing assistance between the member countries. The member countries of the association are Brazil, Russia, India, China and South Africa. South Africa joined the association on 24th December, 2010. South Africa was invited in the group with the object to increase the contribution to the group. During the research it was observed that South Africa has benefited a lot from the BRICS. The major advantages were in the field of science, finance, justice, security, agriculture, etc. The Africa trade has increased after it has entered in the BRICS group. The reputation of the country has increased before the World Bank ad this had led to various advantages for the country. It was observed that with the entry of South Africa in the BRICS group has attracted many investors for the country. Many Chinese investors has visited South Africa with the aim to invest there. Also the minerals that are available in the country had helped it to contribute to the global economy. This has increased the flow of investment in the country not only from the associated groups but also from other countries around the globe. At the end we can say that South Africa is a country which has developed itself ad had managed to come out of the situation of low economy (nay, 2013). By entering into the BRICS group the association as well as the country had benefited as a whole. There is no doubt that South Africa holds a good position in the BRICS groups and the group has benefited out of it, but at the same time the entry in the group had helped South Africa to grow as a whole. Other Emerging Economies in a Globalising World. Debate Motion: The BRICS are now Being Challenged by other Emerging Economies. Globalisation is the motion with the objective to impart availability of resources of all the countries to each other. With this there are other economies which are emerging for the benefits of the countries associated with it. BRICS is the greatest example for the same. BRICS is an association which was formed for the benefits of the countries which are associated with the group. The object was to provide the benefit of finances, investment, security etc. to the countries which are part of BRICS for the other countries. From almost a decade the political importance of BRICS has been increasing (Dianne, 2012). This unity they have given them a stronger command over various global institutions such as World Bank. BRICS had helps the developing companies like India and South Africa capable to stand in the global market. With the emergence of the other economies in the globalised world the advantage of vast global market has increased. Other economies give a special advantage to the gro up countries. With these emergences there is also increased responsibility of the global market. It is observed that the advantage that is given to only the group countries which may result in change in behaviour of such countries with the trade policies of other countries. The other economies have to work with considering the fact that it is working in a global market as a whole and cannot disturb the balance of the same (Cheru, 2016). With this we can say that the emergence of other economies in the globalised market may seem to be at a small scale at present but has a wide scope in future. The projections seem to be aimed at high growth level and the same shall be accomplished. With the other emerging economies the BRICS is been challenged. It is observed that there is a need to develop new models and approached to interact with the rest of the countries (Sechel Ciobanu, 2014). No matter how well the working of the countries of BRICS is going within themselves, it is important to grow the trade and communication with other countries as well. There is a need to work with each other and for this new models are to be developed. The difference in the political status of the BRICS countries and other countries is one of the cause that is been a hindrance for the trade with other countries. BRICS have been working on with the countries with similar political and social background, but with the other economies it became important for them to develop new ways of working. The other countries which are not the part of BRICS are resource full and have adopted a developed technique to get the maximum out of the available resources. This in result is driving the labour from developing countries of BRICS at a lower rate (Harmer et al., 2013). With this we can conclude that it is getting difficult for the BRICS to work easily after the emergence of the other economies, and in order to overcome this there is a need to remodel the working policies of BRICS. References Cecile Bastidon Gilles, Nicolas Huchet, Philippe Gilles. (2012). Amplification Effects and Unconventional Monetary Policies. 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