Economic crisis in South Africa: 1974-1986

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dc.contributor.author Gelb, Stephen
dc.date.accessioned 2010-09-16T12:08:23Z
dc.date.available 2010-09-16T12:08:23Z
dc.date.issued 2010-09-16
dc.identifier.uri http://hdl.handle.net/10539/8711
dc.description African Studies Seminar series. Paper presented August, 1987 en_US
dc.description.abstract Symptoms of economic crisis - long run economic decline – are now so widespread in South Africa that the existence of such a crisis is increasingly taken for granted in public discussions of the state of the economy and its possible improvement. Even the Governor of the Reserve Bank, Dr Gerhard de Kock, now uses the "structural slowdown" (his label for economic crisis) to fend off the charge that the primary responsibility for economic decline, culminating in the foreign debt debacle of August 1985, lies with the Banks' shift, in the years from 1979, to a fundamentally different policy orientation. He has recently argued that "the structural slowdown of South Africa's real rate of growth began roundabout 1974 and not in 1981." The drop from an annual average growth rate of real GDP of 4,9% (1940 - 1974) to 1,9% (1974 -1985) was, he argued, "mainly the result of a decline in the ratio of exports to Gross Domestic Product and a weakening of the terms of trade ... [These and other] unfavourable exogenous developments since the early seventies made drastic and painful adjustments in South Africa unavoidable." (1) en_US
dc.language.iso en en_US
dc.relation.ispartofseries African Studies Institute;ISS 157
dc.subject Saving and investment. South Africa en_US
dc.subject Recessions. South Africa en_US
dc.subject South Africa. Economic conditions. 1961-1991 en_US
dc.title Economic crisis in South Africa: 1974-1986 en_US
dc.type Working Paper en_US


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