When the apartheid era came to an end, the South African economy was at its worst. The international community had initiated trade blockades over the years and it had had to borrow from the IMF to keep itself afloat. Following the general elections in 1994 however, the country open up, and the international community lifted its blockades.
“South Africa’s economy has been completely overhauled since the advent of democracy in the country in 1994. Bold macroeconomic reforms have boosted competitiveness, growing the economy, creating jobs and opening South Africa up to the markets of the world.” (South Africa: economy overview 2008)
Good initiatives and reforms were started to bring the country out of the economic debt.
Macro economic reforms have created jobs for the people blacks and whites alike. Taxation has been reduced which has revealed some of the burden off the poor person’s back. South Africa has enabled itself to become a trade gateway to the rest of the African continent, providing them with aid in case of natural disasters and transportation facilitation for trade. (South Africa: economy overview 2008)
The challenges that South Africa is facing today are the growing need for energy to meet the rising demands. The rapid rate of industrialization has created an urgent need of large energy supplies to be secured if the growth & development of the country is to continue. Another challenge that the country faces is the percentage of unemployment and the growing gap and disparity between the wealthy and the poor. Post apartheid South Africa must break this cycle in order to achieve the success it always dreamed of, during the struggle against racism. (South Africa: economy overview 2008)
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