South Africa's pathway through financial crisis

Arbeitspapier

When apartheid ended in South Africa in 1994, the incoming democratic administration inherited a political system, economy, and social system in profound crisis, as well as an external financial crisis. A decade later, these crises have receded, the economy and financial system are more resilient and less vulnerable to exogenous shocks, the country is exhibiting macroeconomic stability, low budget deficits, enduring confidence in government's ability to manage the public finances, a unified exchange rate, and a level of inflation lower and a rate of growth of GDP higher than at any time in two decades. The government debt to GDP ratio is declining, gross domestic fixed investment expenditure has revived, and the government has established a track record of social service delivery which in some sectors - notably electrification, clean water provision, and sanitation - approximates international best practice. The paper examines how South Africa dealt with a quadruple economic crisis in 1994, and how the combination of social, political and economic measures undertaken in the immediate aftermath of 1994, in the absence of IMF or World Bank assistance, has helped the country shift away from the financial and economic legacy of apartheid.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: GEG Working Paper ; No. 2004/07

Classification and Topics

• Classification: Wirtschaft

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Rustomjee, Cyrus
• Event: Veröffentlichung
• (who): University of Oxford, Global Economic Governance Programme (GEG)
• (where): Oxford
• (when): 2004

Further information

• Handle: http://hdl.handle.net/10419/196270
• Last update: 10.03.2025, 11:42 AM CET