Mixed economy in South Africa
The opening of the political process to all South Africans and the election of a new multiracial government in 1994 marked a turning point in South Africa's economic history. With a modest agriculture sector (though known for excellent fruits and wine), fabulous mineral wealth (gold accounts for over one-third of exports), a diverse manufacturing sector (centered in metals and engineering, and especially steel-related products), and growing financial services and tourism sectors, South Africa's influence extends well beyond its borders. It has a mixed economy, with substantial government intervention and a number of state-owned enterprises existing jointly with a strong private sector. A chief characteristic of the private sector is the high concentration of ownership by a small group of integrated conglomerate structures.
Real economic growth in the GDP fell from 1.1% in 1991 to about 0.5% in 1998. It stood at 2.6% in 2001. Still, analysts estimate that the economy must grow at between 5 and 10% if South Africa is going to overcome unemployment rates estimated at 37%. Although the white minority enjoys living standards equal to those in the rest of the industrialized world, most of the remaining 85% of the population has Third World living standards. The high prevalence of HIV/AIDS remains the major obstacle to achieving economic growth, and, with 5.2 million people living with the disease in 2000 and over 300, 000 deaths caused by it, social upheaval only adds to the crisis. High unemployment, rigid labor laws, low skill levels, crime, and corruption hamper economic progress. Emigration has also emerged as one of South Africa's challenges, as those South Africans who are highly skilled find better markets for their skills abroad, especially in Australia, New Zealand, the UK, Canada, and the US.
Foreign direct investment in 2003 remained below levels targeted by the government; plans were made to build a knowledge and technology-based economy to attract investment. Structural economic changes and policies geared to lower inflation helped temper the effects on the South African economy of the global economic downturn that began in 2001. A rise in interest rates and a strong rand contributed to a fall in inflation in 2003, but so did an accounting error by the government, which caused many borrowers to pay more in interest on loans than they would have had the correct economic statistics been reported by the government. Business activity and consumer confidence subsequently fell. Nonetheless, economic growth was projected for 3.5% in 2004.astronomy buy market trends cute outfits with jeans names of stars navy astronomy coffee shops orange beach al lulus discount code everyday life 2 trend d d's fashion anoxia definition 10's fashion hairstyle classic science doing fat haircut house trend dry haircut art and astronomy m m fashion me trend haircuts for teen boys the scientific method is defined as fox haircut fashion style guide book trend care and coffee for all over a coffee it's fashion little lifestyle haircut code night sky stars new moon 20 fashion cultural values astronomy mac science and you lifestyles of the rich and famous donald trump life and science trends news astronomy picture of the day archive how to can coffee science up lulus dresses haircut day haircut pdf hair services on site in south san francisco app trend astrology symbols planets astronomer beatty's hole science isn't about why do science coffee real affordable hair salon orlando days coffee hair haircut the mud house coffee triple junction star objects i trend lifestyle in india astronomy live astronomy star how can i purchase a huge database of hairstyle photos coffee city do science to it sciencebuddies.org hair trends 2018 color new it trend he did this for science lolita fashion astrology chart symbols coffee work star names in space create a fashion board trends of 2015 your fashion haven scientifics direct coupon comfortable female outfits haircut kid science you science 4 you astronomy info lazy clothes outfit design drawings coffee money i have who has science haircut face haircut red trends that are over book science life of coffee maya hair studio fashion people why science in and out of fashion up town coffee guys haircut shan fashion 8 science astronomy page trend me no 6 fashion trends in world lifestyle you images salon leisure world or fashion haircut 2013 my life science job science nasa pod fashion now and then home trend haircut 2008 oil coffee how to get a coffee shop job to be in fashion in astronomy girl haircut that coffee haircut science am stripe bardot dress astronomy us new trend scientific method in order 7 steps time to science science daily biology is a trend science what is free energy metabolism trending hashtags on linkedin trending news headlines lifestyle photography lifestyle christianity university review national lifestyle science and t best coffee mountain view coffee grinder side coffee man lifestyle rumors hair studio fashion square mall again coffee what is pdh in cellular respiration stars and stripes forever lyrics young woman shopping online simple astronomy a good lifestyle science days ruffle satin dress astronomy search astronomy night great clips near me