Macroeconomic risks after a decade of microeconomic turbulence: South Africa 2007-2020

Arbeitspapier

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.

Object Details

• ISBN: 978-92-9267-134-1
• Language: Englisch

References and Relationships

• Bibliographic citation: Series: WIDER Working Paper ; No. 2022/3

Classification and Topics

• Classification: Wirtschaft ; Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy ; Studies of Particular Policy Episodes ; Economywide Country Studies: Africa
• Subject: macroeconomic policy ; economic growth ; emerging markets ; South Africa

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Hausmann, Ricardo ; Sturzenegger, Federico ; Goldstein, Patricio ; Muci, Frank ; Barrios, Douglas
• Event: Veröffentlichung
• (who): The United Nations University World Institute for Development Economics Research (UNU-WIDER)
• (where): Helsinki
• (when): 2022

Further information

• DOI: doi:10.35188/UNU-WIDER/2022/134-1
• Handle: http://hdl.handle.net/10419/259359
• Last update: 10.03.2025, 11:42 AM CET