Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/259359 
Year of Publication: 
2022
Series/Report no.: 
WIDER Working Paper No. 2022/3
Publisher: 
The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki
Abstract: 
This study analyses the performance of macroeconomic policy in South Africa in 2007- 2020 and outlines challenges for policy in the coming decade. After remarkable economic growth in 1997-07, South Africa's progress slowed dramatically in 2009 with the global financial crisis. Real GDP growth decelerated more than in other emerging markets and mineral exporting peers and never recovered pre-crisis levels. In addition, the budget deficit that provided counter-cyclical support to the economy was never reigned in, leading to a rapidly rising public debt load. The study assesses three accounts of South Africa's post-GFC growth and fiscal slump: (1) an external story; (2) a macro story; and (3) a microeconomic story. Evidence of strong linkages between micro- and political developments and growth performance is provided.
Subjects: 
macroeconomic policy
economic growth
emerging markets
South Africa
JEL: 
E63
E65
O55
Persistent Identifier of the first edition: 
ISBN: 
978-92-9267-134-1
Document Type: 
Working Paper

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