Macroeconomic risks after a decade of microeconomic turbulence: South Africa 2007-2020

Douglas Barrios, Federico Sturzenegger, Frank Muci, Patricio Goldstein and Ricardo Hausmann
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Frank Muci: Center for International Development at Harvard University
Patricio Goldstein: Center for International Development at Harvard University

No 404, CID Working Papers from Center for International Development at Harvard University

Abstract: This study analyses the performance of macroeconomic policy in South Africa in 2007–2020 and outlines challenges for policy in the coming decade. After remarkable economic growth in 1997–07, South Africa’s progress slowed dramatically in 2009 with the global financial crisis. Real GDP growth decelerated more than in other emerging markets and mineral exporting peers and never recovered pre-crisis levels. In addition, the budget deficit that provided counter-cyclical support to the economy was never reigned in, leading to a rapidly rising public debt load. The study assesses three accounts of South Africa’s post-GFC growth and fiscal slump: (1) an external story; (2) a macro story; and (3) a microeconomic story. Evidence of strong linkages between micro-and political developments and growth performance is provided.

Keywords: macroeconomic policy; economic growth; emerging markets; South Africa (search for similar items in EconPapers)
JEL-codes: E63 E65 O55 (search for similar items in EconPapers)
Date: 2022-01
New Economics Papers: this item is included in nep-cwa and nep-mac
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Citations: View citations in EconPapers (3)

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Related works:
Working Paper: Macroeconomic risks after a decade of microeconomic turbulence: South Africa 2007-2020 (2022)
Working Paper: Macroeconomic risks after a decade of microeconomic turbulence: South Africa (2007-2020) (2022)
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