South Africa—Locomotive for African Growth?

South Africa fared better than most developing economies in 2001 despite the global slowdown and the economic woes of other emerging market economies (such as Argentina and Turkey). The relative resilience of its economy was due primarily to sound financial regulation, low external borrowing, and depreciation of the rand (ZAR). Indeed, a significant increase in South Africa’s competitiveness slowed growth in imports and raised exports, contributing to a current account surplus in the first half of 2001. This was mirrored by a small but positive net inflow of capital through the financial account.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities

Partnerships for the Goals