The BRICS Leaders' Summit that kicked off in South Africa's Johannesburg yesterday offers a significant opportunity to ameliorate Turkey's ties with the association's countries, Brazil, Russia, India, China and South Africa – the top five emerging markets. The summit is expected to expand Turkey's economic diversity and deepen its commercial ties with member countries. In his capacity as the term president of the Organisation of Islamic Cooperation (OIC), President Recep Tayyip Erdoğan headed to Johannesburg to participate in a forum that focuses on "south-south cooperation" in the global economy. Ahead of his departure, Erdoğan addressed the press and highlighted that Turkey's participation in the summit is a great opportunity to further improve relations with all BRICS countries, adding that he will meet with the leaders of the attending countries and evaluate bilateral and regional ties from political and economic perspectives. "Turkey aims to cement its ties with … [Read more...] about South Africa summit to strengthen Turkey’s ties with BRICS countries
Gdp south africa
All eyes are on Johannesburg for the 2018 BRICS summit, as the likes of Vladimir Putin, Xi Jinping and Narendra Modi take their places at the table. It marks the tenth annual gathering for this international organisation of the leading emerging economies. So what can we expect? The summit of the BRICS countries – Brazil, Russia, China, India and South Africa – started in June 2009 at Yekaterinburg, when Russia hosted the leaders of this bloc, though it did not originally include South Africa. BRIC became a formal institution the following year, aimed at facilitating global political and economic transformation, and South Africa officially joined in 2011. Much has been written about this group’s threat to the Western-dominated world economic order. BRICS formed the New Development Bank in 2014, the first major international development bank with no participation from the OECD countries. The following year it established the BRICS Contingent Reserve Arrangement, … [Read more...] about What the Brics are looking for in South Africa
In his first state of the nation address in February, South Africa’s President Cyril Ramaphosa was adamant when he pledged that “a new dawn” was upon the country. There was reason to be hopeful; the former deputy president in the African National Congress (ANC)-led government had run on an anti-corruption platform and smoothly taken the reins from the scandal-ridden Jacob Zuma, who resigned when it became clear he faced certain defeat in a vote of no confidence. Optimism among voters surged after Ramaphosa came to power, but many were sceptical about the reality of a “new dawn” after 24 years of ANC government – and with many of the same politicians staying in prominent roles. In the words of South Africa’s official opposition leader, Mmusi Maimane, Ramaphosa himself is “good for South Africa”. But the challenges facing him, including Zuma still being the “looming” figure in the ANC, will likely prove to be too big to … [Read more...] about Mmusi Maimane means business: Why South Africa’s opposition leader wants to cut the Rainbow Nation’s red tape
Celebrations marking the 100th anniversary of Nelson Mandela's birth have focused attention on South Africa's progress since the euphoric 1994 elections that marked the end of apartheid. The country's emergence from decades of white-minority rule was greeted with optimism around the world, but over the last 24 years South Africa has struggled to live up to Mandela's vision. - Race and inequality - A World Bank report earlier this year declared that South Africa was the most unequal society in the world -- a damning indictment of the legacy of apartheid and the failure to tackle its aftermath. "Inequality has increased since the end of apartheid in 1994," the report said. "Race still affects the ability to find a job, as well as the wages received once employed." The report, which revealed three million more South Africans had slipped into poverty between 2011 and 2015, triggering vows of renewed action from President Cyril Ramaphosa. Racism remains a constant theme of life, with racist … [Read more...] about South Africa after Mandela — high hopes dashed?
South Africa’s national statistical service has revealed the worst quarterly contraction of country's economy in nearly a decade after Cyril Ramaphosa ousted Jacob Zuma from leadership. From January through March, the country’s GDP declined by 2.2 percent against the previous three months, Stats SA said on Tuesday. That’s the biggest drop since the first quarter of 2009, when the economy contracted by 6.1 percent. The current figure is much larger than economists’ projections. The poor results pose a considerable challenge for the country’s new president, who pledged to provide long-term economic growth. To deliver the goods, Ramaphosa was planning to clean up governance, deal with high unemployment and improve basic services, igniting a wave of optimism dubbed “Ramaphoria.” According to the statistics office, mining, manufacturing and agriculture were the major areas of decline; while the electricity, construction and trade industries … [Read more...] about South Africa’s sharp economic decline a major blow to President Ramaphosa’s reforms