South Africa in 2004

Abstract:

By far the most prosperous country in the African continent, South Africa, accounts for 45% of sub-Saharan GDP (gross domestic product). Despite the major upheavals following the end of apartheid, the country enjoys a degree of political and social stability that is rare in Africa. During the period 1995-1998, Nelson Mandela had led the country with great statesmanship and maturity. He had spoken loudly in favour of a reconciliation, meeting former apartheid supporters, opposition members, and allies. The remaining international sanctions were lifted, while diplomatic and economic relations abroad were normalised. Mandela's successor, Thabo Mbeki has continued social reforms while liberalising the economy.

Among the challenges, which his government faces, are a 30% unemployment rate and rampant crime. More than three million people are afflicted with AIDS (anti immune deficiency syndrome). Black economic empowerment, correcting social imbalances and job creation within the context of fiscal and monetary discipline have been the main objectives of South Africa's economic policy in recent times. The consolidation of democratic processes, which dominated the first five years of African National Congress rule, has given way to a sharper focus on economic issues, specifically growth and job creation.

Contents:

Keywords:

African continent, South African economy, Foreign direct investment, Gold mines, Political system in South Africa, Black economic empowerment, Nelson Mandela, Foreign capital in South Africa, South African industry, Wine making industry in South Africa, Mining industry in South Africa, Foreign trade in South Africa, While minority rule, Major supplies of gold, Thabo Mbeki.

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