Achieving the elusive 6 per cent growth rate – EUSTACE DAVIE
In 2005, former President Mbeki committed his government to an economic growth target of 6 per cent, but only after 2010. For the interim five years a more modest target of 4.5 per cent was envisaged. These targets were achievable, and even more, depending on the policies government adopted regarding all facets of the SA economy.
Given the current parlous state of the economy, it is almost ludicrous to be talking about such a level of economic growth. And, yet, some African countries are achieving even higher rates. World Bank GDP figures for African countries that had better average percentage growth rates than South Africa’s 2.9 for the period 2000 to 2017 were: Botswana 4.6, Kenya 5.0, Mauritius 4.2, Namibia 4.8, Rwanda 7.8, Tanzania 6.7, Uganda 6.7, and Zambia 6.9. Significantly, all those countries have higher economic freedom rankings than South Africa as reported in the Economic Freedom of the World Report.
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