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[51] In 2009 the Nobel-Prize-winning economist Joseph Stiglitz warned South Africa that inflation targeting should be a secondary concern amid the global financial crisis of 2007–2009. [52] South Africa, unlike other emerging markets, has struggled through the late 2000s recession, and the recovery has been largely led by private and public ...
The energy crisis has significantly limited economic growth in South Africa thereby preventing the country from resolving high rates of unemployment. [27] [125] The power shortage is estimated to have reduced economic growth in 2021 by 3% thereby costing the country an estimated 350,000 potential new jobs for that year alone. [27]
In South Africa, this idea is known as the first (capitalist, high-profit industries) and second (underdeveloped) economies. [4] The first economy contributes to the majority of South Africa's wealth and is integrated within the world economy. The second economy consists of low-skilled and outdated jobs.
The economy of the Western Cape in South Africa is dominated by the city of Cape Town, which accounted for 72% of the Western Cape's economic activity in 2016. [7] The single largest contributor to the region's economy is the financial and business services sector, followed by manufacturing.
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency . [ 2 ]
South Africa was the first African country to fall in recession. Other countries like Morocco and Egypt , which benefited from their previous high economic growth experienced a great decline due to the global economic crisis without falling in recession.
During apartheid South Africa faced a worsening financial situation stemming from an economic recession and increasing international sanctions in the 1980s. [5] In 1980 the country's total debt amounted to US$16.9 billion, representing a debt to GDP ratio of 20%. [5]
Economy of South Africa-related lists (1 C, 7 P) B. South African billionaires (28 P) Black economic empowerment (6 P) Business in South Africa (7 C, 2 P)