Monday, 21 September 2015

See the Colors of South Africa

See the Colors of South AfricaThe first thing that comes to mind for many people when thinking about South Africa is the great wine, gold, platinum, diamonds and world icon Nelson Mandela. South Africa infact never leaves one indifferent. Its history, its economy, its population, its landscapes and cultures - all communicate to the visitor, to the student, to the friend of Africa. South Africa has actually made considerable social and economic progress in the past decades, leaving people enthralled.

Jacob Zuma of the African National Congress was designated president by the National Assembly in 2009 and re-elected by an ANCdominated parliament for another five years in May 2014. The ANC has headed politics since the end of apartheid in 1994. South Africa is sub-Saharan Africa’s second-largest economy and one of the world’s largest producers and exporters of gold and platinum. The sovereign debt crisis playing out in Europe is a glaring cue of the prominence of a country's fiscal stability and sustainability. Greece's fights show the awful penalties of what happens when there is a loss of buoyancy in a nation's knack to pay its debts. Since the start of the democracy, South Africa has always given strong stress on how to pull off their economy which continues to form the base of the economic position currently. The judicious fiscal management and monetary policies have definitely given rise to high levels of macroeconomic stability, endorsed competitiveness and augmented the economy's outward orientation. The economic miseries at the time stopped from the long-term effects of apartheid's biased policies.

Furthermore, it was organized in a way to serve the needs of some rather than all; it concentrated on the needs of corporations rather than people. The crucial economic policy decisions executed by the new dispensation over the years began to renovate the economy and drilled strong assurance among international investors and South Africans alike. In June, international ratings agencies Fitch Ratings and Standard and Poor's affirmed South Africa's stable rating as a result of the government's fiscal alliance and expectations for the economy to improve by 2017. They recognized South Africa's broad political and institutional stability, policy continuity and fiscal prudence that have assisted to contain its fiscal and external balances. President Jacob Zuma referred to this as their "collective responsibility" to get the economy to accomplish at its full potential.

South Africa’s economic freedom score is 62.6, making its economy the 72nd freest in the 2015 Index. Its score is basically unchanged from last year, with gain imitating enhancements in labor freedom, fiscal freedom, trade freedom, and freedom from corruption that are largely offset by declines in investment freedom, business freedom, and the management of government spending. South Africa is ranked 6th out of 46 countries in the Sub-Saharan Africa region, and its complete score is higher than the world and regional averages. The BRICS nations - Brazil, Russia, India, China and South Africa - which signify 40 percent of the world's population and a quarter of its economic output, decided in 2013 to create their own development bank to step up lending for the infrastructure projects required to close the gap with the industrialized world.

South Africa’s large domestic market and natural resource base make it an auspicious contender for economic freedom - led growth. Everyone has now a conferred curiosity in endorsing the country in this globally competitive environment. The private sector also has an imperative role in pouring investment and associating with the government to develop the country. It is fortified to match the government's investment to help drive the economy. Moreover, the investment in ocean economy industries such as marine transport and manufacturing, off-shore oil and gas exploration and aquaculture has the potential to contribute R177- billion to Gross Domestic Product and create just more than a million jobs by 2033. The government is putting every effort to pull off the economy efficiently and comprehend its full potential. With its sound economic footing the country will definitely emerge stronger and more resilient. Read More...


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