Stuck in Low GEAR? Macroeconomic Policy in South Africa, 1996-98

John Weeks

Cambridge Journal of Economics, 1999, vol. 23, issue 6, 795-811

Abstract: Despite its ideology while in opposition, once in power the ANC government implemented an orthodox macroeconomic policy which stressed deficit reduction and a tight monetary policy, combined with trade liberalisation. The stated purpose of this package (the Growth, Employment, and Redistribution programme, or GEAR) was to increase economic growth, with a 4.2% rate programmed for 1996-2000. At mid-term of the programme, growth remained far below this target. The GEAR's lack of success cannot be explained by unfavourable external factors; rather, the disappointing performance seemed the result of fiscal contraction and excessively high interest rates. Copyright 1999 by Oxford University Press.

Date: 1999
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