The South African economy has registered tremendous progress over the past two decades, boosting living standards and lifting millions out of poverty nationwide. Further reforms are now necessary, however, to revive economic growth and ensure that all South Africans can benefit from it.
The South African economy has registered tremendous progress over the past two decades, boosting living standards and lifting millions out of poverty nationwide.
Reforms over the past two decades have produced a well-balanced, modern tax system. However, considerable revenues will be needed in the years ahead to expand social spending and infrastructure in order to raise growth and well-being. The challenge is to generate these revenues without penalising growth or exacerbating inequality.
South Africa has made impressive social progress over the past two decades, lifting millions of people out of poverty and broadening access to essential services like water, electricity and sanitation.
With Africa’s population set to double by 2050, modernising local economies will be vital to make the continent more competitive and to increase people’s living standards, according to the African Economic Outlook 2015, released at the African Development Bank Group’s 50th Annual Meetings.
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This country note from Going for Growth 2015 for South Africa identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
By participating more effectively in the global production of goods and services, Africa can transform its economy and achieve a development breakthrough, according to the latest African Economic Outlook, released at the African Development Bank Group’s Annual Meetings.
South Africa has experienced a relatively weak recovery from the great economic crisis compared to other BRIICS countries.
Source: OECD Main Economic Indicators (updated continuously) - Composite leading indicators (CLIs) are calculated for 29 OECD countries (Iceland is not included), 6 non-member economies and 9 zone aggregates. A country CLI comprises a set of component series selected from a wide range of key short-term economic indicators mainly covered in the MEI database.
South Africa must step up efforts to foster strong, inclusive economic growth that creates jobs, according to the OECD’s latest Economic Survey of South Africa. Priorities include a growth-enhancing macroeconomic policy-mix, and better implementation of structural reforms, notably to improve education.