By UN classification South Africa is a middle-income country with an abundant supply of resources, well-developed financial, legal, communications, energy, and transport sectors, a stock exchange (the JSE Securities Exchange), that ranks among the top twenty in the world, and a modern infrastructure supporting an efficient distribution of goods to major urban centres throughout the region. South Africa is ranked 24th in the world in terms of GDP, corrected for purchasing power parity.
In many respects, South Africa is under-developed, however; advanced development is significantly localised around four areas, namely Cape Town, Port Elizabeth, Durban, and Pretoria/Johannesburg. Beyond these four economic centres, development is marginal and poverty still reigns despite government efforts. Consequently the vast majority of South Africans are poor. However, key marginal areas are experiencing rapid growth recently. Such areas include: Mossel Bay to Plettenberg Bay; Rustenburg area; Nelspruit area; Bloemfontein; Cape West Coast; KwaZulu-Natal North Coast amongst others.
Large income gaps and a dual economy designate South Africa as a developing country. South Africa has one of the highest rates of income inequality in the world. The white South African minority tends to be considerably wealthier than the rest of the population. A decade of continual economic growth has helped to lower unemployment, but daunting economic problems remain. Other problems are crime, corruption, and HIV/AIDS.
At the start of 2000, President Thabo Mbeki vowed to promote economic growth and foreign investment by relaxing restrictive labour laws, stepping up the pace of privatisation, and cutting unneeded governmental spending. His policies face strong opposition from organised labour. South Africa is also the continent's largest energy producer and consumer.
The rand, the world's most actively-traded emerging market currency, has joined an elite club of fifteen currencies, the Continuous linked settlement (CLS), where forex transactions are settled immediately, lowering the risks of transacting across time zones. The South African rand (ZAR) was the best-performing currency against the United States dollar between 2002 and 2005, according to the Bloomberg Currency Scorecard.
The volatility of the rand has affected economic activity, with the rand falling sharply during 2001, hitting an historic low of R13.85 to the U.S. dollar, raising fears of inflation, and causing the Reserve Bank to increase interest rates. The rand has since recovered, trading at R6.99 to the dollar as of January 2007 while the South African Reserve Bank's policy of inflation targeting has brought inflation under control. The stronger rand has however put exporters under considerable pressure, with many calling for government to intervene in the exchange rate to help soften the rand, and many others dismissing staff.
Refugees from poorer neighbouring countries abound with immigrants from the DRC, Mozambique, Zimbabwe, Malawi and many others representing a large portion of the informal sector. With high unemployment levels amongst poorer South Africans, xenophobia is a very real fear and many people born in South Africa feel resentful of immigrants who are seen to be depriving the native population of jobs, a feeling which has been given credibility by the fact that many South African employers have employed migrants from other countries for lower pay than South African citizens, especially in the construction, tourism, agriculture and domestic service industries. Illegal immigrants are also heavily involved in informal trading.[10] However, many immigrants to South Africa continue to live in poor conditions, and the South African immigration policy has become increasingly restrictive since 1994
In many respects, South Africa is under-developed, however; advanced development is significantly localised around four areas, namely Cape Town, Port Elizabeth, Durban, and Pretoria/Johannesburg. Beyond these four economic centres, development is marginal and poverty still reigns despite government efforts. Consequently the vast majority of South Africans are poor. However, key marginal areas are experiencing rapid growth recently. Such areas include: Mossel Bay to Plettenberg Bay; Rustenburg area; Nelspruit area; Bloemfontein; Cape West Coast; KwaZulu-Natal North Coast amongst others.
Large income gaps and a dual economy designate South Africa as a developing country. South Africa has one of the highest rates of income inequality in the world. The white South African minority tends to be considerably wealthier than the rest of the population. A decade of continual economic growth has helped to lower unemployment, but daunting economic problems remain. Other problems are crime, corruption, and HIV/AIDS.
At the start of 2000, President Thabo Mbeki vowed to promote economic growth and foreign investment by relaxing restrictive labour laws, stepping up the pace of privatisation, and cutting unneeded governmental spending. His policies face strong opposition from organised labour. South Africa is also the continent's largest energy producer and consumer.
The rand, the world's most actively-traded emerging market currency, has joined an elite club of fifteen currencies, the Continuous linked settlement (CLS), where forex transactions are settled immediately, lowering the risks of transacting across time zones. The South African rand (ZAR) was the best-performing currency against the United States dollar between 2002 and 2005, according to the Bloomberg Currency Scorecard.
The volatility of the rand has affected economic activity, with the rand falling sharply during 2001, hitting an historic low of R13.85 to the U.S. dollar, raising fears of inflation, and causing the Reserve Bank to increase interest rates. The rand has since recovered, trading at R6.99 to the dollar as of January 2007 while the South African Reserve Bank's policy of inflation targeting has brought inflation under control. The stronger rand has however put exporters under considerable pressure, with many calling for government to intervene in the exchange rate to help soften the rand, and many others dismissing staff.
Refugees from poorer neighbouring countries abound with immigrants from the DRC, Mozambique, Zimbabwe, Malawi and many others representing a large portion of the informal sector. With high unemployment levels amongst poorer South Africans, xenophobia is a very real fear and many people born in South Africa feel resentful of immigrants who are seen to be depriving the native population of jobs, a feeling which has been given credibility by the fact that many South African employers have employed migrants from other countries for lower pay than South African citizens, especially in the construction, tourism, agriculture and domestic service industries. Illegal immigrants are also heavily involved in informal trading.[10] However, many immigrants to South Africa continue to live in poor conditions, and the South African immigration policy has become increasingly restrictive since 1994
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