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You are here » Home Page » News » South Africa needs to be more aggressive to be Competitive

South Africa needs to be more aggressive to be Competitive

2011-09-02 source
South Africa the Bric regions newest member must use its elbows to increase its momentum to remain competitive and achieve the impressive growth rates of its fellow Brics members Brazil, Russia, India and China according to its Finance Minister Pravin Gordhan.

“South Africa is falling behind,” he said. “In the BRICS Company we’re going to be elbowed. Unless we have the critical mass to use our elbows, we’re going to find competition tough.”

The South African economy slowed to 1.3 percent for the second quarter of 2011 this was a reduction of 3.2% from the first quarter growth of 4.5 percent. The reduction in the two quarters was due to a slump in orders bring buys just over 30% of South African manufactured goods. Due to this growth reduction the South African Central Bank will keep the bench mark interest rate at its record low of 5.5 percent and financial experts say that there is a very good chance of a rate reduction later this year.

South Africa expects its economy to return to its 2008 size towards the end of 2012 the pace of growth has been slow but the pace is increasing. states South Africa has relied on Europe for a third of its exports sales but due to the big shift in the world economy South Africa Future growth will be with the Bric region countries Brazil, Russia, India and China and other emerging markets
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