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South African Economic Policy under Democracy$
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Janine Aron, Brian Kahn, and Geeta Kingdon

Print publication date: 2009

Print ISBN-13: 9780199551460

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780199551460.001.0001

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Accounting for South Africa's Growth Revival after 1994

Accounting for South Africa's Growth Revival after 1994

(p.28) 2 Accounting for South Africa's Growth Revival after 1994
South African Economic Policy under Democracy

Stan Du Plessis

Ben Smit

Oxford University Press

This chapter describes, identifies underlying factors, and seeks explanations for South Africa's economic recovery since 1994. It begins with a description of the trends in aggregate and sectoral growth, highlighting areas responsible for the growth revival. It evaluates the initial conditions for an economic recovery using local and comparable international data, and growth accounting methods are applied to distinguish the relative contributions of capital, labour, and total factor productivity to the growth revival at the aggregate, sectoral, and sub-sectoral (for manufacturing) levels. The potential causes for the relative contribution of capital, labour, and productivity are discussed with reference to South African and international literature.

Keywords:   South Africa, economy recovery, economic growth, capital, labour, productivity

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