South Africa: economy grows despite global crisis

“South Africa is still enjoying the longest period of economic upswing in our history, and this looks set to continue despite the global financial crisis”, as written on

The South African economy is fairly well insulated against the global slowdown and should continue to grow as a result of an increase in Government spending. However, the next two years are going to be tough.

South Africa’s financial system is fundamentally sound, well capitalised and well regulated, according to the International Monetary Fund and our banks are considered by the World Economic Forum to be more sound than the Swiss banks (and the German, American and British banks)!

The majority of South Africans continue to benefit from the sustained economic growth the country has been experiencing since 1994. Nine million people have been lifted out of poverty since 1996 and official unemployment has decreased from 31.2 percent in March 2003 to 23 percent in September 2007, the lowest level recorded since 2001.

The number of South Africans who have joined the black middle class has increased by 50% to 9 million between 2001 and 2007 and the number of South African dollar-millionaires increased by almost 14% between 2006 and 2007.

Since 1996, the percentage of our citizens with access to electricity for lighting increased from 58% to 80%. Similarly, those with access to water has increased from 62% to 88% and sanitation from 52% to 73%.

The number of black property owners has increased by more than 60% over the past decade.


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