The state of the economy: A crisis of employment
Book
2003
Permanent link to this Item
Authors
Journal Title
Link to Journal
Journal ISSN
Volume Title
Publisher
HRSC press
Publisher
University of Cape Town
Department
Faculty
License
Series
Abstract
In his ‘State of the Nation’ address in February, President Mbeki (2002) argued that macroeconomic stability had been achieved, the structure of the economy had changed for the better, and that the basis for sustainable growth and poverty alleviation had been laid. In several important respects, the State President is correct. After increasing sharply in the mid-1990s, the budget deficit and total national government debt has fallen as a percentage of gross domestic product (GDP) since 1996,1 South Africa’s export performance and balance of payments situation has improved, and inflation has dropped
sharply.2 These trends are in what Finance Minister Trevor Manuel frequently refers to as South Africa’s ‘sound economic fundamentals’. Echoing Manuel, Mbeki concluded that ‘barring the exchange rate’ (which at the time had depreciated in real terms by about one-third since 1994), ‘all critical economic indicators have improved’ (2002: 11).
Description
Reference:
Nattrass, N. (2003). The state of the economy: A crisis of employment. State of the nation. South Africa, 4, 141-157.