South Africa is looking more and more like Brazil. Just a few years ago both countries were considered first-tier emerging-market economies, and were included in the Brics group. Brics - Brazil, Russia, India, China and South Africa - were regarded as leading the way in terms of rising and future consumer demand. But this narrative has changed - the Brics group is now a two-speed club. While China and India's growth remains robust, driven increasingly by consumer spending, services and innovation, the economies of Brazil, Russia and South Africa are stuck. Their economic hardships are largely self-inflicted and compounded by poor politics and lethargic governments that are unwilling to carry out long-overdue structural reforms. Ultimately, the emerging-market story is a governance story. Little willingness In South Africa, our economy's outlook depends on the political outcomes of the ANC national conference in December. If political changes produce politicians who are willing to dr...

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