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Trade openness, economic growth and economic development nexus in South Africa: a pre- and post-BRICS analysis

Economics

Trade openness, economic growth and economic development nexus in South Africa: a pre- and post-BRICS analysis

M. N. Monyela and C. S. Saba

This research by Micaela Naledi Monyela and Charles Shaaba Saba dives into the fascinating relationship between trade liberalization and economic outcomes in South Africa, revealing crucial insights from a decade-spanning analysis. Discover how trade openness not only boosts GDP growth but also enhances overall economic development!

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Playback language: English
Abstract
This research analyzes the interplay between trade liberalization, economic growth, and economic development in South Africa, focusing on pre-BRICS (1991-2010) and post-BRICS (2011-2021) periods. A Vector Error Correction Model (VECM) reveals a long-run equilibrium relationship among the variables. The study finds that trade openness significantly influences GDP growth in the post-BRICS period, with a unidirectional causal relationship between liberalization and growth. A positive association between trade openness and economic development is also observed, suggesting openness fosters growth and broader development outcomes.
Publisher
Humanities and Social Sciences Communications
Published On
Aug 29, 2024
Authors
Micaela Naledi Monyela, Charles Shaaba Saba
Tags
trade liberalization
economic growth
economic development
South Africa
VECM
post-BRICS

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