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Why isn't South Africa Growing Faster? a Comparative Approach

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  • Luc Eyraud
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    Abstract

    The purpose of this paper is to examine factors that have constrained South Africa''s growth since the end of apartheid by comparing its GDP components and its saving and investment performance with those of 10 faster-growing countries. The study finds that sluggish investment has undermined growth since 1996 and that the underinvestment is in part explained by limited saving. Thus, over the last decade, interactions between investment, saving, and production may have perpetuated slow growth in South Africa.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/25.

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    Length: 25
    Date of creation: 01 Feb 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/25

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    Related research

    Keywords: Economic growth; Gross domestic product; Savings; Private savings; Labor productivity; Economic models; private saving; gdp growth; dependency ratio; labor force; growth rate; total factor productivity; real gdp; domestic saving; per capita income; gdp per capita; labor input; capital formation; real per capita income; investment performance; private consumption; tax rates; national income; gdp deflator; growth rates; pension system; tax rate;

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    1. JW Fedderke, 2002. "The Structure of Growth in the South African Economy: Factor Accumulation and Total Factor Productivity Growth 1970-97," South African Journal of Economics, Economic Society of South Africa, Economic Society of South Africa, vol. 70(4), pages 282-299, 03.
    2. Janine Aron & John Muellbauer, 2000. "Personal and corporate saving in South Africa," CSAE Working Paper Series 2000-21, Centre for the Study of African Economies, University of Oxford.
    3. Giancarlo Corsetti & John Flemming & Seppo Honkapohja & Willi Leibfritz & Gilles Saint-Paul & Hans-Werner Sinn & Xavier Vives, 2002. "Growth and Productivity," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, Ifo Institute for Economic Research at the University of Munich, vol. 2002(CESIFOFOR), pages 57-70, 04.
    4. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2000. "What Drives Private Saving Across the World?," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 165-181, May.
    5. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
    6. Masson, Paul R & Bayoumi, Tamim & Samiei, Hossein, 1998. "International Evidence on the Determinants of Private Saving," World Bank Economic Review, World Bank Group, World Bank Group, vol. 12(3), pages 483-501, September.
    7. Vivek B. Arora & Ashok Bhundia, 2003. "Potential Output and total Factor Productivity Growth in Post-Apartheid South Africa," IMF Working Papers 03/178, International Monetary Fund.
    8. Sebastian Edwards, 1995. "Why are Saving Rates so Different Across Countries?: An International Comparative Analysis," NBER Working Papers 5097, National Bureau of Economic Research, Inc.
    9. Stan Du Plessis & Ben Smit, 2007. "South Africa's Growth Revival After 1994," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 16(5), pages 668-704, November.
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