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Economic Growth In South Africa Essay

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Discuss the internal and external factors that have influenced the economic growth path of the democratic South Africa. What are the lessons that South Africa can learn regarding the effects of the factors you discussed?

Introduction.
Economic growth refers to an increase or an improvement in the capacity of the economy to produce more goods and services. When we compare between two periods we must see improvement or increment, economic growth can be measured in nominal or real terms, the latter of which is adjusted for inflation. Rich countries are countries with the stable democracies. Poor countries tend to be political basket cases, careening between brutal dictatorships and unstable semi-republics. The relationship between democracy and wealth usually suggest that …show more content…

Natural resources or minerals such as gold, platinum, coals and diamonds must be processed from a primary product to secondary and tertiary products using the machines that are developed here at home (south Africa) because we will save more money in transporting resources to United States of America so that they can wash (refine) minerals, we will also depend less on other countries. More importantly South Africans are the ones that will benefit more since more jobs will be created and better reduces inequality and encourages growth. Excessive inequality triggers demand for more and better education that decreases or reduces inequality and speeds up growth excessive in equality reduces cohesion, efficiency and growth. when higher wages are paid by the oil industry or any other companies that refines the natural resources (and its customers and suppliers) attracted people to the oil, gold coal and diamond rich counties and led to big investments in roads and

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